Pillar Acquires Phoenix-Area Property for $86M
The is the buyer’s second multifamily acquisition in the metro year.
Pillar Communities has acquired Cuvee, a multifamily community in Glendale, Ariz., that came online earlier this year. Fore Property Co. sold the 310-unit Class A property for $86 million. CBRE represented the seller.
Cuvee features one- and two-bedroom apartments ranging in size from 613 to 1,192 square feet. Features and finishes include walk-in closets, multipurpose work-from- home spaces and dens and large private balconies and patios. Among the community’s prominent common area amenities is a pet spa with a dog bathing and grooming station.
Situated at 7200 N. 91st Avenue, Cuvee in Glendale’s Westgate submarket. The enclave appeals to residents, given its walkable distance from shopping facilities at Westgate City Center and Tanger Outlets.
The property is also within walking distance of several nightlife and entertainment options. The area offers access to sporting events, ranging from NFL and NCAA football games at the University of Phoenix Arena to NHL contests at Gila River and MLB Spring Training at Camelback Ranch. The region also offers convenient access to outdoor activities, like mountain biking, hiking, camping and visiting nearby parks and the Wildlife World Zoo.
Metropolitan Phoenix absorbed more than 9,900 units of multifamily development through the first three quarters of this year, one of the best absorption totals in the entire U.S., CBRE said in a statement, citing the firm’s research. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen led the transaction on behalf of seller Fore Property Company.
Last month, Pennrose launched construction on Garfield Housing Phase II, a 60-unit affordable housing community designed for senior residents approximately three miles from downtown Phoenix.