Decron Properties has bought the 256-unit Arrowhead Ranch by Baron in Glendale, Ariz., for $101.5 million. The seller was Baron Properties. IPA brokered the sale on behalf of the seller and also procured the buyer.
Formerly known as Green Leaf Arrowhead Ranch, the 15-building asset was built in 1996 across 16 acres. It has a mix of one- to three-bedroom units ranging from 762 to 1,226 square feet, according to Yardi Matrix data. Each unit features large windows, breakfast bars and garden-style soaking tubs. Select units offer gas fireplaces and lake views. Community amenities include two pools, a spa, a waterscape, a fitness center and a business center. A total of 508 parking spaces are also available.
The community last traded in December 2019, when the now-seller bought it for just $8 million more than half its current price—$58.5 million.
Located at 20250 N. 67th Ave., the asset is 10 miles north of downtown Glendale. Interstate 17, offering easy access into Phoenix, is 5 miles east of the property, while Loop 101, giving immediate accessibility to employers such as USAA, AAA, Discover Financial Services and Banner Health, is less than 1 mile south. Several entertainment, dining and retail options are available within a 1-mile radius.
According to prepared remarks by IPA Executive Managing Director Steve Gebing, the property is one of four assets constructed within Northwest Valley’s most coveted neighborhood that has a low-density plan and a lack of nearby developable land, which keeps it safe from future multifamily development.
Last month, Decron acquired another Arizona community whose price increased threefold since it last traded—the 324-unit Avery on the Green in Chandler, Ariz.
Gebing, along with Executive Managing Director Cliff David, formed the IPA team that brokered the sale.