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LM67 LLC Acquires Landmark On 67th Multifamily Property In Glendale, AZ For $16.2M

Property Image
SOLD
$16,200,000
Jeff Seaman
Derek Smigiel
Bryson Fricke
+ 1

Arizona

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MultiFamily
Sold 10/05/2023
the dealplayerscompscontact
Property Image
SOLD

LM67 LLC Acquires Landmark On 67th Multifamily Property In Glendale, AZ For $16.2M

MultiFamily
Sold 10/05/2023
Jeff Seaman
Derek Smigiel
Bryson Fricke
+ 1
the dealplayerscompscontact
Contact now

Summary

Asset Type:MultiFamily
Transaction Type:Sale

CBRE facilitated the sale of Landmark on 67th, a Class A apartment community in Peoria, AZ. The property, located at 9160 N 67th Ave, was sold by RET3 LLC to LM67 LLC for $16.2 million. This equates to a price of $289,857 per unit.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $16,200,000
  • Address: 9160 N 67th Ave, Glendale, AZ
  • Market: Glendale, AZ

The sale was brokered by Brian Smuckler, Bryson Fricke, Derek Smigiel, and Jeff Seaman of CBRE. They played a crucial role in connecting the buyer, LM67 LLC, with the seller, RET3 LLC, and ensuring a successful transaction.

Players

Brian Smuckler
JLL
Brian Smuckler
4 deals$53.3M volume(602) 570-9442
BROKER
Jeff Seaman
JLL
Jeff Seaman
4 deals$85.8M volume(602) 295-1660
BROKER
Derek Smigiel
JLL
Derek Smigiel
5 deals$62.3M volume(602) 469-9295
BROKER
Bryson Fricke
JLL
Bryson Fricke
4 deals$85.8M volume(480) 450-0717
BROKER

Details

SOLD
IMAGE: Brian Smuckler, Bryson Fricke, Derek Smigiel & Jeff Seaman DATE: 10/05/2023 ADDRESS: 9160 N 67th Ave MARKET: Glendale, AZ ASSET TYPE: Multifamily BUYER: LM67 LLC SELLER: RET3 LLC BROKERS: Brian Smuckler, Bryson Fricke, Derek Smigiel & Jeff Seaman - CBRE SALE PRICE: $16,200,000 NOTE: CBRE facilitated the sale of Landmark on 67th, a Class A apartment community in Peoria, with LM67 LLC acquiring the property from RET3 LLC for $16.23 million, equating to $289,857 per unit.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$864,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$57,555.18
Cash-on-Cash Return-1.27%
Monthly Debt Service$76,796.26
Annual Debt Service$921,555.18