Decron Buys $102M Phoenix-Area Community
The property last traded in 2019 for about half its current price.
Arrowhead Ranch by Baron. Image courtesy of IPA
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.
Generational investments
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.
