Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Arrowhead Ranch by Baron, a 256-unit multifamily asset in the Arrowhead Ranch master-planned community in Glendale, Arizona.
The $101.5 million sales price equates to $396,484 per unit.
“One of only four assets constructed within the Northwest Valley’s most coveted neighborhood, Arrowhead Ranch by Baron’s low density site plan and the lack of nearby developable land make for a generational investment, protected from the risk of future multifamily development,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, IPA executive managing director, represented the seller, Baron Properties, and procured the buyer, Decron Properties.
“The ongoing economic growth of the region’s key industries, including finance, healthcare, business services, and education is driving durable job growth as single-family home prices are surging,” added David. “Average and median annual household incomes within one mile of the community are $115,600 and $94,100, respectively.”
Arrowhead Ranch by Baron’s location, adjacent to Loop 101/the Agua Fria Freeway, gives residents immediate accessibility to employers such as USAA, Discover Financial Services, Banner Health, Honeywell, Abrazo, Arizona State University, AAA, and Wells Fargo. Shopping and entertainment are nearby along the Bell Road Retail Corridor, at the Arrowhead Towne Center, inside the P83 Entertainment District and at the Peoria Sports Complex.
Completed in 1996 on 16 acres in a mountainous setting amid winding lakes, the open-concept apartment homes at Arrowhead Ranch by Baron have large windows, white Shaker-style cabinetry, expansive breakfast bars, full-size washers and dryers and garden-style soaking tubs; select units have gas fireplaces and lake views. Community amenities are framed by lush greenery and include two resort-style swimming pools, spas with expansive sundecks, and lake views.