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October 22, 2019
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New Class A Res Community in Glendale, AZ Sells for $78.5 Mil

9/17/19

Summerly at Zanjero, a 340-unit, Class A multifamily property in Glendale, AZ, sold for $78.5 mil ($231k/unit). The asset was sold by Fore Property to an unnamed private investor.

Located at 7375 N. Zanjero Blvd, in the Phoenix metro area, Summerly at Zanjero is a LEED Silver-designed multifamily com¬munity including Energy Star-rated appliances and energy-efficient windows and lights. Built in 2019, the new community features condominium-level unit finishes and a market-leading amenity package with two resort-style pools with spas and cabanas, a state-of-the-art fitness center, and a resident clubhouse with resort finish¬es.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE represented the seller in the transaction.

“Summerly at Zanjero is the newest Class A community delivered in the West Valley,” said Anderson. “The community generated significant interest from investors looking to acquire a Class A asset in one of the top-performing markets in the nation.”

According to CBRE Research, year-over-year Class A multifamily rent growth in Phoenix was 8.2% in Q2 2019, the second-best increase for all U.S. metros.





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