Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Strayhorse Arrowhead Ranch, a 136-unit apartment property in the Arrowhead Ranch master-planned community of Glendale, Arizona. The $45 million sales price equates to $330,882 per unit.
“The property is one of only four assets constructed within the Arrowhead Ranch master-planned community and is further complemented by a recognizable value-add opportunity,” said IPA executive managing director Steve Gebing. “The scarcity of developable land and local government policy shelter this asset from future competition.” Gebing and IPA executive managing director Cliff David represented the seller, Shelter Asset Management and procured the buyer, WhiteHaven Capital. “Highlighting the exclusivity of the area are average and median annual household incomes within a one-mile radius of the property of $116,000 and $94,700, respectively,” added David.
Strayhorse Arrowhead Ranch is located near the northwest corner of the Loop 101/Agua Fria Freeway, amid numerous winding lakes alongside The Legend at Arrowhead golf course. Proximity to Loop 101 gives residents unimpeded access to the Bell Road, Deer Valley, Interstate 17, and South Peoria employment corridors. Major employers include USAA, Discover Financial Services, AAA, Honeywell, and PetSmart. The Bell Road Retail Corridor, Arrowhead Towne Center and the P83 Entertainment District are nearby.
Built in 1998, Strayhorse Arrowhead Ranch is surrounded by lake and mountain views. A resort-style swimming pool and spa is central to the property. The open-concept apartment homes have full-size washers and dryers, garden soaking tubs, walk-in closets, and oversized patios or balconies. Select units have gas fireplaces and vaulted ceilings.