Aukum Group Buys 224-Unit Multifamily Property in Arizona for $41M
GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit.
Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages.
Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.