Transwestern Investment Group sells apartment community in Phoenix area

Transwestern Investment Group (TIG), along with its partner, Knightvest Capital, has sold Paseo Park, a 35-building garden-style apartment community at 5205 W. Thunderbird Road in Glendale, Ariz.

The multifamily asset comprises 480 one-, two- and three-bedroom units and was 98.7 percent occupied at the time of sale to an undisclosed buyer.

The community’s extensive amenities — which include three resort-style pools, in-unit laundry, detached garages, two fitness centers, 24-hour access to parcel lockers, and covered parking — contributed to its high tenancy. TIG and Knightvest invested substantial capital to enhance the tenant experience with an improved state-of-the-art leasing office and clubhouse, fitness room and business center, as well as new signage and exterior painting. In addition, ownership renovated approximately 50 percent of the unit interiors to a finish level in line with newer properties in the submarket.

“Due to success of the renovatio