3rd Ave Investments Buys Phoenix-Area Asset for $22M

The 276-unit Casa Bellisima is located in Glendale, a submarket with limited inventory but more affordable rents than the urban core.

Casa Bellisima

A joint venture of EBEX Holdings and Monument Capital Management has sold Casa Bellisima, a 276-unit community in Glendale, Ariz. 3rd Ave Investments acquired the property for $22.4 million. Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily represented both parties in the transaction. The same brokerage team recently closed on another Phoenix community, the $16.8 million transaction of Seventeen 805 Apartments.

Casa Bellisima previously traded in 2016, for the price of $13.5 million, according to Yardi Matrix. It then became subject to an $11 million, seven-year Fannie Mae CMBS loan. Constructed in 1983, the community is located at 6565 W. Bethany Home Road. It comprises 36 studios, 200 one-bedroom and 40 two-bedroom units, ranging from 460 to 977 square feet. Common-area amenities include three swimming pools, a clubhouse and 383 parking spaces.

The intersection of North 67th Avenue and West Bethany Home Road, less than a mile from the property, hosts a plethora of retailers and restaurants. The Phoenix-Wickenburg Highway is just under two miles away, serving as a major transport artery around the metro.

Unlike many, more interior submarkets of the Phoenix MSA, with thousands of new units under construction, Glendale has witnessed very limited, extremely successful new development towards its outer perimeters. As a result, many renters, priced out of more core, urban projects, have moved to these areas to find more affordable rent,” said Senior Managing Director Alon Shnitzer, in a prepared statement. According to Yardi Matrix, monthly average rents at Casa Bellisima are $720.

Image courtesy of ABI Multifamily

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