“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,” says Gebing. He says the property would be a candidate for the implementation of a strategic renovation program.

Institutional Property Advisors is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.

GLENDALE, AZ—A multifamily community with access to retail and adjacent to Arrowhead Country Club, Pavilions at Arrowhead has recently sold. The 248-unit multifamily community is located within Arrowhead Ranch, a 4,200-acre master-planned community. The $31.6 million sales price equates to more than $127,000 per unit. Pavilions at Arrowhead was previously sold in 2008 for $25 million.

IPA senior director, Steve 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.

Gebing tells GlobeSt.com: “The Pavilions at Arrowhead is a luxurious apartment community nestled within the waterfront plots and picturesque mountain views of Arrowhead Ranch, a 4,200-acre master-planned community. The approximately 3 million square feet of retail space in the area and the adjacent Arrowhead Country Club add to the many lifestyle advantages enjoyed by the residents.”

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 a fire pit and a whirlpool spa; a clubhouse with a billiard room, fireplace, granite bar and full kitchen; a business center, and a 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.

“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,” says Gebing. He says the property would be a candidate for the implementation of a strategic renovation program.

Institutional Property Advisors is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.