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March 21, 2018  

Core-Plus Arizona Rentals Available

Investors are getting a crack at a luxury apartment complex near Phoenix that’s ripe for upgrades.Adobe Ridge, in Glendale, Ariz., has 224 units that are 97.8% leased. It’s expected to attract bids of up to $175,000/unit, or $39 million. At that price, the buyer’s initial annual yield would be about 5%. Marcus & Millichap’s Institutional Property Advisors’ unit has the listing.The owner, Praedium Group of New York,...

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