The Milestone Group has spent $43.3 million for The Pavilions at Arrowhead in Glendale, Ariz., Yardi Matrix data shows. The acquisition marks the third purchase in the Phoenix metro for the buyer. Prudential Financial originated a $28.2 million Freddie Mac acquisition loan for the new owner. Avanti Residential sold the 248-unit property after almost four years of ownership.
Located at 7400 W. Arrowhead Clubhouse Drive, the property is less than 3 miles from Arrowhead Towne Center, which offers several retail and dining choices. Additionally, the asset is adjacent to Loop 101, less than 8 miles from Interstate 17 and some 21 miles from downtown Phoenix.
Completed in 1998, the gated community consists of 13 two- and three-story buildings spread across a 13-acre site. The Pavilions at Arrowhead comprises one- and two-bedroom apartments and common-area amenities including a pool, fitness center, fire pit, clubhouse and spa.
At the beginning of November, Avanti Residential sold Highland Way, a 230-unit apartment community in Northglenn, Colo. The 10-building asset traded for $40.6 million.