Institutional Property Advisors (IPA) announced the $31.6 million sale of The Pavilions at Arrowhead, a 248-unit multifamily community located near 75th Avenue and the Loop 101, a 4,200-acre master-planned community in Glendale.
“Operational momentum, supported by excellent submarket fundamentals, has laid the groundwork for the new owner to capitalize on significant loss-to-lease burn-off during the first year of ownership,” said IPA Senior Director Steve Gebing. “Pavilions at Arrowhead is also a prime candidate for the implementation of a strategic renovation program.”
Gebing and Marcus & Millichap first vice president investments Cliff David represented the seller, an affiliate of Abacus Capital Group and procured the buyer, Capital Real Estate.
The property is located adjacent to the Arrowhead Country Club at 7400 W. Arrowhead Clubhouse Dr. in Glendale. The community is six miles west of the Interstate 17/Deer Valley employment corridor, one of the strongest and most dense employment concentrations in Arizona, with 17.5 million square feet of retail, office, industrial, and flex space.
A few of the many notable employers in the area include Discover Card Financial Services, American Express, PetSmart’s corporate headquarters, Blue Cross Blue Shield of Arizona, Cigna Healthcare Arizona, Best Western’s corporate headquarters, Safeway’s corporate offices, and a W. L. Gore & Associates Inc. medical products campus. The Arrowhead Towne Center, a 1.2 million-square-foot enclosed regional mall is nearby.
Built in 1998, each apartment at The Pavilions at Arrowhead features a fully equipped kitchen with pantry, full-size washer and dryer, gas fireplace, large walk-in closets, ceiling fans, and a private patio or balcony with outside storage. Community amenities include a swimming pool with fire pit and whirlpool spa; a clubhouse with a billiard room, fireplace, granite bar, full kitchen, and television; a business center, and a 24-hour fitness center with individual workout stations and locker rooms with saunas. The property also has a private movie room, picnic areas with barbecue grills, detached garages, and a full car care center.
