March 26, 2020
NKF Multifamily handled the $14.3-million sale of Royal Palms, a 138-unit property located at 5902 West Royal Palm Rd. in Glendale. Brett Polachek, Chris Canter and Brad Goff represented the seller, 5902 Royal Palms LP, in the sale to an undisclosed buyer.
Polachek says, “Investors were attracted to the additional interior/exterior renovation potential resulting in an immediate value-add and possible increased rents. Multifamily rents in this submarket, like others in the Phoenix MSA, continue to perform exceptionally well.”
NKF Research shows multifamily sales for properties of this vintage increased 48.5% to $822 million in 2019, as Phoenix’s unprecedented corporate and residential migration drove significant returns for value-add investors. 1970’s vintage product maintains a competitive position in Glendale, where there has been very little new construction. Currently, there are 720 units of new multifamily product under construction, with no new multifamily units planned within 3.5 miles of Royal Palms.
For comments, questions or concerns, please contact Dennis Kaiser