July 20, 2021
PHOENIX – Transwestern Investment Group (TIG®), along with its partner, Knightvest Capital, announce the sale of Paseo Park, a 35-building garden-style apartment community at 5205 W. Thunderbird Road in Glendale, Arizona. The multifamily asset comprises 480 one-, two- and three-bedroom units and was 98.7% occupied at the time of sale to an undisclosed buyer.
The community’s extensive amenities, which include three resort-style pools, in-unit laundry, detached garages, two fitness centers, 24-hour access to parcel lockers, and covered parking contributed to its high tenancy. TIG and Knightvest invested substantial capital to enhance the tenant experience with an improved state-of-the-art leasing office and clubhouse, fitness room and business center, as well as new signage and exterior painting. Additionally, ownership renovated approximately 50% of the unit interiors to a finish level in line with newer properties in the submarket.
“Due to success of the renovation program coupled with the strength of the capital markets, we were afforded the opportunity for an early sale of the property,” said Mike McKenzie, Vice President at TIG. “The new owner has an opportunity to carry-out the remainder of the renovation plan on unit interiors to further increase rental rates across the property.”
Paseo Park benefits from a highly visible location fronting Thunderbird Road, with 58,200 commuters passing daily, and is situated between two of the West Valley’s largest economic drivers, Banner Thunderbird Medical Center and Arizona State University West Campus. The property is within the coveted A-rated Peoria School District and in proximity to Arrowhead Towne Center Mall, the West Valley’s only regional mall.
TIG has seen the value-add multifamily sector continue to be one of the most sought-after property types for investors. In particular, the Glendale submarket has experienced tremendous rent growth over the last few years while continuing to be an affordable renter option compared to other submarkets in the Phoenix MSA.
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About Transwestern Investment Group
Transwestern Investment Group (TIG®) is a real estate investment adviser with $6.3 billion of assets managed since inception. The firm serves a broad range of institutional and high-net-worth clients with its full-service investment management and Transwestern’s integrated operating platform.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
This document does not constitute an offer, solicitation or recommendation to sell or an offer to buy any securities, investment products or investment advisory services. Any offer or solicitation will be made only pursuant to a confidential private placement memorandum and subscription documents (the “Offering Materials”) and will be subject to the terms and conditions contained in such Offering Materials.
The clients included in this press release were not selected based on performance, but because they are some of the largest well-known clients with similar strategic alliances. It is not known whether these clients approve or disapprove of TIG or the services or products it provides.