CBRE has secured a $29.36 million loan for the acquisition of Sunflower and Veranda Apartments in Glendale.
Located at 6015 and 5959 W. Olive Ave., the gated multifamily properties total 208 units, ranging from 450 to 1,150 square feet. Community amenities include three swimming pools, grill and picnic areas, and on-site property management.
Shaun Moothart, Bob Ybarra, Bruce Francis, and Doug Birrell of CBRE arranged the loan on behalf of the buyer, InTrust Property Group, a Newport Beach, California-based multifamily investment firm.
“InTrust saw this off-market deal as another great value-add opportunity to make significant improvements,” Moothart stated in a news release. “The property presented a clear path to upside by executing a targeted and proven renovation program.”
Upon acquisition, InTrust plans to upgrade all units to include stainless steel appliances, new cabinetry and quartz countertops. The loan will provide funding for the future capital improvements and renovation of the asset and was structured with a three-year term with two one-year extensions.
The properties are situated near Glendale Community College, Saguaro Ranch Park and Glendale library.
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