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JLL Capital Markets has facilitated the sale of Summers Point, a 164-unit value-add multifamily community located in Glendale, Arizona. The property, sold by Wealhouse Capital, fetched $20 million—$2 million below the original asking price.
Built in 1980, Summers Point comprises 16 residential buildings across 4.3 acres, offering a mix of studio, one-bedroom, and two-bedroom apartments. The units average 572 square feet in size. To date, Wealhouse Capital has renovated 98 of the 164 units, leaving the remaining 66 units as an opportunity for future value-add improvements.
JLL’s Investment Sales and Advisory team—led by Brian Smuckler, Jeff Seaman, Derek Smigiel, and Bryson Fricke—executed both the sale and financing of the transaction. “Summers Point represented a compelling opportunity to acquire a partially renovated asset within an affordable submarket that is well positioned for future rental increases,” said Smuckler.
Summers Point is located at 4441 West Bethany Home Road in Glendale.
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