CBRE has arranged the disposition of Enclave at Arrowhead, a 240-unit community in Peoria, Ariz. A private buyer acquired the asset from R&V Management and Wermers Properties for $63 million. According to Yardi Matrix data, the sale was subject to a $37.8 million Freddie Mac loan provided by CBRE Capital Markets, set to mature in 2033.
CBRE’s Vice Chairmans Tyler Anderson and Sean Cunningham, Executive Vice Presidents Asher Gunter and Matt Pesch, along with Associate Mark McFate assisted the seller. In November, the same team brokered another Phoenix-area sale. The 300-unit Riata community changed hands for $91 million.
Part of the P83 Entertainment District, the community is located at 8092 W. Paradise Lane, adjacent to the Arrowhead Towne Center. Two Major League Baseball Clubs are a short distance of the 10.8-acre site, while Downtown Phoenix is 27 miles southeast.
Dating back to 2006, the 20-building property’s unit mix includes one-, two- and three-bedroom floorplans, averaging at 1,033 square feet. Roughly half of the units are townhomes with private garages. Amenities at Enclave at Arrowhead were upgraded under the previous ownership and include a fitness center, swimming pool and clubhouse.