Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Strayhorse at Arrowhead Ranch, a 136-unit boutique multifamily community in Glendale, Arizona. The property sold for $31.2 million, or $229,412 per unit.

“Located within the Northwest Valley’s most coveted address, Strayhorse Arrowhead Ranch is surrounded by the winding lakes and lush golf course views of the Arrowhead Ranch master-planned community,” said Steve Gebing, IPA senior managing director. “The property is supported by Arrowhead Ranch’s outstanding demographics, such as an area-leading average single-family home price greater than $390,000.” Gebing and Cliff David, IPA senior managing director, represented the seller and procured the buyer, Shelter Asset Management.

The property is north of the high-traffic intersection of the 67th Avenue and Loop 101/Agua Fria Freeway, 4.3 miles from the 2.7-million-square-foot P83 Entertainment District. The 1.2 million-square-foot Arrowhead Towne Center is part of the 8 million square feet of retail within a three-mile radius of the property. Two of Phoenix’s largest economic regions, the Deer Valley and Interstate 17 employment corridors are five miles east of the property. Strayhorse at Arrowhead was constructed in 1998 on 7.6 acres. The 10-residential building community has open-concept apartment homes and lake and mountain views.