Phoenix Asset Changes Hands for $45M
- Jul 27, 2021
WhiteHaven Capital has acquired Strayhorse Arrowhead Ranch, a 136-unit property in Glendale, Ariz., for $45 million from Shelter Asset Management. Institutional Property Advisors represented the seller and secured the buyer. According to Maricopa County records, Bridge Investment Group provided a $38.8 million acquisition loan.
The buyer plans to renovate the community and rename it Haven at Arrowhead, according to a statement posted by the firm on social media. WhiteHaven intends to invest $5 million in upgrading community amenities as well as unit interiors.
The property last traded in 2020, when it commanded $31.2 million in a transaction also brokered by IPA.
The brokerage team handling the latest sale included Executive Managing Directors Steve Gebing and Cliff David. In June, the two, together with Hamid Panahi, first vice president of investments, brokered a $54 million sale in Tucson, Ariz.
The deal marks WhiteHaven’s second acquisition of 2021 in metro Phoenix, after its purchase of the 104-unit Haven on Thomas in February. According to a recent Yardi Matrix metro report, transactions had already surpassed $2.3 billion in the first four months of 2021, supported by some of the country’s strongest real estate fundamentals.
Haven at Arrowhead
Located at 20707 N. 67th Ave., the community provides one-, two- and three-bedroom apartments with open-concept floorplans averaging 927 square feet. The 1998-built property has nine two-story buildings and features a business center, fitness center, clubhouse, basketball court, swimming pool and spa.
Home to Haven at Arrowhead, the Arrowhead Ranch master-planned community is home to several lakes, parks and hiking trails, as well as The Legend at Arrowhead golf club and The Arrowhead Country Club.
Downtown Phoenix is 23 miles southeast of the community. The North 67th Avenue retail corridor, offering several shopping and dining options, is less than a mile away, as is State Route 101.