Blackstone Sells Phoenix-Area Asset at a Discount
The asset still commanded a price north of $100 million.
Blackstone has sold Arrowhead Summit, a 412-unit asset in Glendale, Ariz., to NALS Apartment Homes for $101.4 million, as reported by the Phoenix Business Journal. The property sold at an 18 percent discount compared to its previous trade.
Arrowhead Summit was part of a 17-property, 6,410-unit portfolio that Blackstone recapitalized in 2021 with a $1.2 billion CMBS loan. Following the recap, the private equity company purchased a 98 percent stake in the collection. Cortland, the previous owner at that point, retained a 2 percent minority share.
In 2021, Arrowhead Summit had a valuation of $135 million, a Morningstar DBRS presale report shows. However, Blackstone paid slightly less for the asset—roughly $123 million— compared to its valuation.
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Arrowhead Residences encompasses 22 two- and three-story buildings and includes one- and two-bedroom layouts that average 905 square feet. Common-area amenities consist of two swimming pools, a resident clubhouse, a gym, and a dog park, among other features.
Completed in 1999 on more than 22 acres at 18330 N. 79th Ave., the property is next to Loop 101, about 27 miles northwest of downtown Phoenix. The community is within walking distance of the Arrowhead Mall, a nearly 1.2 million-square-foot retail center.
Glendale multifamily investment accelerated in 2026, with another asset changing hands less than 1 mile from NALS’ new property. In February, TerraCap Management paid $82.2 million for Tresa at Arrowhead, Yardi Matrix data shows. Hamilton Zanze sold the property.
Blackstone’s latest multifamily sales
Blackstone has been selling off some of the multifamily holdings it had acquired earlier this decade, as the firm approaches a five-year hold period. Just last week, alongside Cortland, the company sold two properties in Georgia and Florida. American Landmark purchased the assets.
Last year, Blackstone sold a collection of nearly 1,000 units to Greystar. The properties throughout Colorado and North Carolina commanded an aggregate price of $218.6 million.
