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Fore Sells Glendale Rental Asset for $86M
Pillar Communities acquired Cuvee, a 310-unit multifamily community in Glendale, in an $86 million ($277K/unit) transaction. Fore Property Company sold the Class A asset.
Built in 2023, the property is located at 7200 N. 91st Ave, north of Glendale Ave and east of Hwy 101. Cuvee features top-of-market amenities highlighted by two resort-style pools, a two-story club-style fitness center and a resident clubhouse that features TV lounges, a game room, a coffee bar and a business center.
Pillar Communities owns and operates multifamily communities in Arizona and Washington. Cuvee is Pillar Communities’ second acquisition in metro Phoenix this year. CBRE’s Asher Gunter led a team representing the seller in the deal.
CBRE reports in an analyst report that Metro Phoenix posted over 9,900 units of multifamily absorption through three quarters in 2023, one of the top-performing absorption totals of all U.S. metros year-to-date.
- ◦Sale/Acquisition
