A Glendale apartment complex is under new ownership.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Copper Falls, a newly constructed, 240-unit multifamily asset in the West Valley neighborhood of Glendale. The $72 million sales price represents $300,000 per unit.
Copper Falls is located at 5151 N. 95th Ave.
“The combination of durable jobs and outstanding growth in the area’s industrial and distribution sectors has provided the economic foundation for the West Valley’s housing market to rapidly appreciate,” IPA executive managing director Steve Gebing stated in a news release. “With 80% of Greater Phoenix’s future industrial growth projected to be in the West Valley, regional long-term rental demand is solidified.”
Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell and procured the buyer, a private party.
The 233,000-rentable-square-foot community was constructed in 2020 on 13 acres.
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