11/30/2007

Glendale multi-family on the market for $12.31M

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Montebello Apartments

Marcus & Millichap has been hired to market the 218-unit Montebello Apartments in Glendale, Ariz. The multi-family property has an asking price of $12.31 million, or $56,500 per unit.

Michael Hubl is the listing agent for the property.

Built in 1963 on 6.53 acres, the complex contains 114,060 square feet and is located at 6534 W. Montebello Ave. near the campus of Arizona State University in Maracopa County. The complex, which is currently undergoing renovations, is comprised of 22 one and two-story buildings and contains 49 studio, 145 one-bedroom, 22 two-bedroom and two, three-bedroom units. It is being sold with an 8.6 percent cap rate.

Address: 6534 W. Montebello Ave., Glendale, Ariz.

Size: 218 units/114,060 square feet

Built: 1963

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Filed Under: Multi-Family

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