PHOENIX – August 24, 2018 – Berkadia announced today the cash sale of The Place on 51st, a townhome-style multifamily property in Glendale, Arizona. Senior Managing Directors Mark Forrester and Ric Holway and Senior Director Dan Cheyne of Berkadia’s Phoenix office led the $15.5 million sale on behalf of the seller, MPC Development.
“The Northwest Phoenix/Glendale submarkets have emerged as some of the most attractive residential addresses in Metro Phoenix,” said Forrester. “These attached garage/townhouse-style luxury apartments are a rarity in this sector of the market.”
The Place on 51st was built in 2017 and features 72 units with two- and three-bedroom floor plans. Each of the apartments feature a two-car attached garage, contemporary hardware and fixtures, modern eat-in kitchens, washers and dryers, walk-in closets and dishwashers. Residents also have access to several on-site amenities, including a pool, a picnic area and a barbeque area. Located at 19955 N. 51st Ave., the property affords convenient access to the 101 Freeway, Interstate 17 demand generators and the Arrowhead Towne Center.