Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, negotiated the sale of The Isle at Arrowhead Ranch, a 256-unit apartment property in Glendale, Arizona. The $42 million sales price equates to $164,000 per unit.
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group in Phoenix, represented the seller and procured the buyer.
“Developed by Evans Withycombe Residential in 1996, The Isle at Arrowhead Ranch is an exclusive lakeside destination within Arrowhead Ranch, the preeminent master-planned community in the northwest Valley,” says Steve Gebing, IPA senior director. “Supported by excellent submarket fundamentals and strong operational momentum, the property is a prime candidate for common area upgrades and apartment interior renovations.”
Located at 20250 N. 67th Ave. at the northwestern corner of the Agua Fria Freeway and 67th Avenue in Glendale, the property is five miles west of the economic region known as the Deer Valley Employment Corridor, which has more than 80,000 employees in 24 million square feet of office, industrial and flex space.
Notable employers include Discover Financial Services, American Express, PetSmart and Cigna Healthcare Arizona. Two of the busiest north-south thoroughfares in the Phoenix MSA, Black Canyon Highway and the Piestewa Freeway, are nearby and the 1.2 million-square-foot Arrowhead Towne Center super-regional mall is approximately three miles away.
The Isle at Arrowhead Ranch features spacious apartment interiors with a weighted average unit size of 956 square feet, fully equipped kitchens with gas appliances, full-size washers and dryers, large windows with lake views, garden-style soaking tubs, walk-in closets, and sizable patios or balconies. Community amenities include two resort-style swimming pools, a 24-hour fitness center, clubhouse, outdoor grilling areas, controlled-access gated entry, covered parking, and 56 detached garages.
