Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Green Leaf Arrowhead Ranch, a 256-unit multifamily asset in Glendale, Arizona.
“Located in the Northwest Valley’s most coveted master-planned community, Green Leaf Arrowhead Ranch is an ultra-low-density 1990s-vintage property that provides new ownership with a blank canvas value-add execution,” said Cliff David, IPA senior managing director. “Median annual household income within Arrowhead Ranch is $89,300 and average household income is $107,000, speaking to the affluence within the region.” David and Steve Gebing, IPA senior managing director, represented the seller, Green Leaf Partners, and procured the buyer, Baron Properties.
Developed in 1996 on over 15 acres within the five-phased Arrowhead Ranch master-planned community, the property is located at the intersection of Loop 101 (Agua Fria Freeway) and 67th Avenue. The Deer Valley and Interstate 17 employment corridors, which have approximately 94,400 employees in 37.9 million square feet of office, industrial, and flex space are just five miles east of the property. Companies within the corridors include USAA, Discover Financial Services, PetSmart, and Safeway corporate headquarters. Arrowhead Towne Center, a 1.2 million-square-foot super regional mall is nearby as are many neighborhood shopping centers within walking distance. Midwestern University – Glendale Campus and Arizona State University’s West Campus are under 10 miles from the property.
Green Leaf Arrowhead Ranch is a 15-building, controlled-access community with oasis-like waterways, lush landscaping and nearby walking trails. Community amenities include two resort-style swimming pools, a 24-hour fitness center, covered parking, and detached garages. The open-concept apartment homes average 956 square feet.
