Buyer pays all cash for Arizona apartments

Price per square foot surpasses $100

A California investor has paid approximately $9.6 million in cash for a 135-unit apartment complex in Glendale, Ariz. Tom Behr, a private investor based in San Diego, bought the Glenridge Apartments from an unidentified entity. The sales price represents $70,925 per unit or $101 per square foot. Located at 13610 North 51st Ave., the 11-building asset encompasses 94,644 square feet. Built in 1985, the 5.7-acre property includes 205 parking spaces, 135 of which are covered. The asset consists of two- and three-story buildings with a variety of unit amenities, including air conditioners, dishwashers and garbage disposals. ...