Equity Residential Sells Phoenix Community for $31M

The buyer financed the acquisition with a $19.6 million Freddie Mac loan secured by Newmark Knight Frank.
Strayhorse
Strayhorse. Image courtesy of Institutional Property Advisors

Shelter Asset Management has paid $31.2 million for Strayhorse Arrowhead Ranch, a 136-unit boutique community in Glendale, Ariz. According to Yardi Matrix data, the seller was Equity Residential, which had owned the Class A asset since 2008. Newmark Knight Frank arranged $19.6 million in acquisition financing through Freddie Mac. Institutional Property Advisors assisted the seller and procured the buyer.

Located at 20707 N. 67th Ave. within the Arrowhead Ranch master-planned area, Strayhorse offers one- to three-bedroom units averaging 927 square feet. Completed in 1998 on 7.6 acres, the 10-building community features a pool, spa, fitness center, clubhouse, business center and covered parking. Yardi Matrix data shows the property was fully occupied as of December.

The property is 11 miles north of the city center, less than a mile from Agua Fria Highway. The 2.7 million-square-foot P83 Entertainment District is roughly 5 miles southwest and there are 8 million square feet of retail within a 3-mile radius of the community. Some 4 miles southwest of Strayhorse is a 240-unit asset that traded for $43 million in November.

IPA Senior Managing Directors Steve Gebing and Cliff David represented the seller and procured the buyer in the deal. The brokerage team also assisted the seller in the recent disposition of a 223-unit community in Phoenix.