Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, announced the sale of The Reserve at Arrowhead, a premier 472-unit multifamily asset in Phoenix. The $64.5 million sales price equates to more than $136,000 per unit.
“Developed in two phases between 1998 and 1999 by Mark-Taylor Inc., Reserve at Arrowhead’s positioning within the submarket’s competitive landscape makes it a prime candidate for common area amenity upgrades and interior renovations,” says IPA senior director Steve Gebing. “The condition of the physical asset and community grounds is immaculate, yet there is room for value enhancement through the implementation of a strategic renovation program.”
Gebing and Cliff David, a senior director of Marcus & Millichap’s National Multi Housing Group, represented the seller, an institutional investment management firm and procured the buyer, Weidner Apartment Homes.
The property is within walking distance of Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall. There are many employers within proximity, including a heavy concentration in the health-science field, such as 35-acre St. Joseph’s Westgate Medical Center. Also nearby are Luke Air Force Base, AAA, the City of Glendale, Honeywell, Humana Healthcare, Midwestern University, Conair Corp. and the Thunderbird School of Global Management.
Highlighting The Reserve at Arrowhead’s many community amenities are two resort-inspired lagoon-style swimming pools enhanced with waterfalls and spas. Apartment homes feature fully equipped gourmet kitchens with pantries and full-size washers and dryers.