CBRE Group, Inc., has completed the sale of Enclave at Arrowhead, a 240-unit, Class A multifamily community located at 8092 W. Paradise Lane in Peoria, Arizona. The community commanded a sale price of $39.25 million.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office represented the seller, Denver-based Baron Properties. The buyer was a partnership between Tom Wermers, Gerry Ranglas, and the Loma Linda University Endowment. The partnership was advised by Mike Dow of San Diego-based Impact Multifamily Advisor.
“Enclave at Arrowhead combines an outstanding location in the heart of Peoria’s P83 Entertainment District with discernible value-add potential,” said CBRE’s Gunter. “Proximity to employment corridors located along the Loop 101 Freeway, combined with walkable restaurants and entertainment within P83, make this a top location in the Arrowhead submarket.”
Built in 2006, the community consists of one-, two-, and three-bedroom residences with 45 percent of the units featuring townhouse-style floor plans with direct access garages. Amenities include a resort-style pool and spa with a shaded lounge area, a fully-equipped fitness center, picnic areas with barbecue grills, children’s tot lot and a dog park.