Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced Nov. 11 the sale of Eagle Crest, a 408-unit multifamily asset located near the Arrowhead Ranch master-planned community in Glendale.
The property sold for $55 million, which equates to $134,804 per unit.
“The global health crisis has not eroded the appeal of Greater Phoenix’s low population density and cost of living,” IPA executive managing director Cliff David stated in a news release. “With more than 77,000 new residents in 2019, Phoenix led the nation in net in-migration and this trend is likely to accelerate in the current environment.”
The seller, a private family trust, sold to the buyer, S2 Capital, a Texas-based real estate firm founded in 2012.
Ryan Sarbinoff, vice president and regional manager, is the firm’s broker of record in Arizona.
“Companies also continue to move and expand in the Phoenix area,” IPA executive managing director Steve Gebing stated. “Expanding logistical operations in the market and the metro’s industrial sector are benefiting from an increased presence among manufacturers.”
Constructed in 1987 on a 16-acre park-like setting, Eagle Crest is near Arrowhead Towne Center, P83 Entertainment District and the Bell Road Retail Corridor.
“The affluent Arrowhead community surrounding Eagle Crest safeguards the property against future multifamily development,” Marcus & Millichap’s West Los Angeles office senior vice president investments Marty Cohan stated. “This, coupled with the preservation of the asset and care displayed by the seller over their 30-year ownership is tremendous, making the value-add potential for this property unequivocal.”