Phoenix Asset changes hands for USD 45 million
Port in arrowhead. Image courtesy of Institutional Property Advisors
WhiteHaven Capital has acquired Strayhorse Arrowhead Ranch, 136 unit land in Glendale, Arizona, for $ 45 million from Shelter Asset Management. Institutional Property Advisors represented the seller and secured the buyer. Bridge Investment Group provided an acquisition loan of $ 38.8 million, according to Maricopa County records.
The buyer plans to renovate and rename the community Haven at Arrowhead, according to a statement the company posted on social media. WhiteHaven intends to invest $ 5 million in the modernization of the community facilities as well as the interior design of the residential units.
The property was last traded in 2020 when it ordered $ 31.2 million in a transaction also brokered by IPA.
The realtor team overseeing the last sale included Executive Managing Directors Steve Gebing and Cliff David. In June, the two brokered a $ 54 million sale in Tucson, Arizona, along with Hamid Panahi, first Vice President of Investments.
The deal marks WhiteHaven’s second acquisition in Metro Phoenix in 2021, following the purchase of the 104-unit Haven on Thomas in February. According to a recently released Yardi Matrix Metro report, transactions had already exceeded $ 2.3 billion in the first four months of 2021, supported by some of the strongest real estate fundamentals in the country.
Refuge in arrowhead
Located at 20707 N. 67th Avenue, the community offers one-, two-, and three-bedroom apartments with open floor plans averaging 927 square feet. Built in 1998, the property consists of nine two-story buildings and features a business center, fitness center, clubhouse, basketball court, swimming pool and spa.
Home to master-planning Arrowhead Ranch, the community of Haven at Arrowhead is home to several lakes, parks and hiking trails, as well as The Legend at Arrowhead Golf Club and Arrowhead Country Club.
Downtown Phoenix is 23 miles southeast of the parish. The North 67th Avenue shopping corridor with multiple shopping and dining is less than a mile away, as is State Route 101.