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February 21, 2024
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New AZ Res Community Trades for $86 Mil

12/11/23

Pillar Communities acquiresd Cuvee, a 310-unit multifamily community in Glendale, AZ, in an $86 mil ($277.4k/unit) transaction. The Class A asset was sold by Fore Property Company.

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, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the deal.

"Cuvee is an institutional quality asset poised for strong growth driven by outsized absorption in the West Valley, said Gunter. “Population growth and job growth are healthy. Cuvee's high-quality amenities, large floorplans and proximity to the Westgate entertainment district provide an excellent resident experience.”

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, according to research analyzed by CBRE.




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