$101.5 Million Multifamily Asset Sale in Northwest Phoenix Brokered by Institutional Property Advisors
GLENDALE, Ariz., Dec. 13, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Arrowhead Ranch by Baron, a 256-unit multifamily asset in the Arrowhead Ranch master-planned community in Glendale, Arizona. The $101.5 million 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,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, IPA executive managing director, represented the seller, Baron Properties, and procured the buyer, Decron Properties.