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11/17/20
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Eagle Crest, a 408-unit multifamily asset located near the Arrowhead Ranch master-planned community in Glendale, AZ, was purchased by S2 Capital for $55 mil, or $134.8k/unit. The property was sold by a private family trust.
Constructed in 1987 on a 16-acre park-like setting, Eagle Crest is 20 miles northwest of Downtown Phoenix near Arrowhead Towne Center, P83 Entertainment District and the dynamic Bell Road Retail Corridor. The area is easily accessible from Loop 101, Interstates 17 and 10, and Phoenix Sky Harbor International Airport. Arizona State University West Campus and Midwestern University are within five miles of the property.
Cliff David, Steve Gebing and Marty Cohan with Institutional Property Advisors represented the seller in the deal.
“The affluent Arrowhead community surrounding Eagle Crest safeguards the property against future multifamily development,” said Cohan. “This, coupled with the preservation of the asset and care displayed by the seller over their 30-year ownership, is tremendous, making the value-add potential for this property unequivocal.”
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