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Blackstone Takes Hit on Glendale Apartment Sale
Blackstone offloaded the 412-unit Arrowhead Summit apartment community in Glendale for $101.35 million. The Phoenix Business Journal reports that Blackstone sold the property for considerably less than it paid. The company paid $123.6 million for the rental property in 2021. Built in 1999 by Fairfield Residential, Blackstone bought the property from Cortland Partners, which paid $60.55 million for the property in April 2018, renovating it before selling to Blackstone for $123.6 million in July 2021.
Asher Gunter, Matt Peach and Austin Groen of CBRE negotiated the transaction. NALS Apartment Homes was the buyer.
The property was 93% occupied at the time of the transaction. Arrowhead Residences comprises 22 two- and three-story buildings, with one- and two-bedroom layouts averaging 905 square feet. Common-area amenities include two swimming pools, a resident clubhouse, a gym, and a dog park, among others.
- ◦Sale/Acquisition
