Phoenix Asset Changes Hands for $45M

Phoenix Asset Changes Hands for M

Port in arrowhead. Image courtesy of Institutional Property Advisors WhiteHaven Capital has acquired Strayhorse Arrowhead Ranch, 136 unit property in Glendale, Arizona, for $ 45 million from Shelter Asset Management. Institutional Property Advisors represented the seller and secured the buyer. Bridge Investment Group provided an acquisition loan of $ 38.8 million, according to Maricopa County records. The buyer plans to renovate and rename the community Haven at Arrowhead, according to a statement the company posted on social media. WhiteHaven intends to invest $ 5 million in the modernization of the community facilities as well as the interior design of the residential units. The property was last traded in 2020 when it ordered $ 31.2 million in a transaction also brokered by IPA. The realtor team overseeing the last sale included Executive Managing Directors Steve Gebing and Cliff David. In June, the pair brokered a $ 54 million sale in Tucson, Arizona in February with Hamid Panahi, first vice president of investments. Transactions had already exceeded $ 2.3 billion in the first four months of 2021, aided by some of the strongest real estate fundamentals in the country, according to a recently released Yardi Matrix Metro report. Haven at Arrowhead Located at 20707 N. 67th Avenue, the community offers one, two, and three bedroom homes with open floor plans averaging 927 square feet. Built in 1998, the property consists of nine two-story buildings and features a business center, fitness center, clubhouse, basketball court, swimming pool and spa. Home to master-planning Arrowhead Ranch, the community of Haven at Arrowhead is home to several lakes, parks, and hiking trails, as well as The Legend at Arrowhead Golf Club and Arrowhead Country Club. Downtown Phoenix is ​​23 miles southeast of the parish. The North 67th Avenue shopping corridor with multiple shopping and dining options is less than a mile away, as is State Route 101.