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Real Estate
North Glendale apartment complex sells for $101.5M
Posted
Arrowhead Ranch by Baron 20250 N. 67th Ave. Glendale, AZ
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Arrowhead Ranch by Baron, a 256-unit multifamily asset in Glendale’s Arrowhead Ranch master-planned community, sold for $101.5 million.
The 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,” Steve Gebing, Institutional Property Advisors (IPA) executive managing director, shared in a news release.
IPA is a division of Marcus & Millichap.
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,” David shared. “Average and median annual household incomes within one mile of the community are $115,600 and $94,100, respectively.”
Arrowhead Ranch by Baron is located at 20250 N. 67th Ave., and was built in 1996 on 16 acres.
