Fore Property Sells Phoenix-Area Asset for $79M

The buyer financed the acquisition with a $62.2 million loan from TPG Capital. The 344-unit Summerly at Zanjero is LEED Silver certified.
Summerly at Zanjero

Fore Property Co. has sold the 344-unit Summerly at Zanjero in Glendale, Ariz., for $78.5 million, according to Yardi Matrix. The new owner, a private local investor, financed the acquisition with a $61.2 million loan from TPG Capital.

Located at 7375 North Zanjero Blvd., close to several retail and dining establishments, the asset is roughly 15 miles from downtown Phoenix. The newly completed community comprises one-, two- and three-bedroom apartments, with units ranging in size from 600 to 1,350 square feet. The property has 32 two- and three-story buildings spread across a 72.8-acre site. Common-area amenities include two swimming pools with barbecues and fireplaces, a fitness center, a dog park and a playground. As of July, the property was 89.2 percent occupied, also according to Yardi Matrix data. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch from CBRE represented the seller.      

Having earned LEED Silver certification, Summerly at Zanjero is one of several environmentally-friendly communities Fore Property owns. The 104-unit Springville Senior in Camarillo, Calif., has recently been LEED Gold certified with a score of 78 points.