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3/11/24
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IDEAL Capital Group purchased Sentio, a 325-unit, LEED® Silver, Class A multifamily community in North Phoenix, in a $108 mil ($332.3k/unit) transaction. The property, located at 3600 W Happy Valley Rd in Glendale, was sold by Hines.
Completed in 2023, Sentio features best-in-class amenities and large, open-concept floorplans with top-of-market unit interiors. Sentio's design incorporates smart home technology, energy-efficient appliances and window treatments, sustainable-focused overall construction, an elegant palette of high-end finishes, interconnected resident-centric amenity spaces, and thoughtfully planned walking paths that lead directly to adjacent retail.
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented Hines in the sale of the community. Trevor Breaux, Troy Tegeler and Ryan Greer, with the CBRE Debt & Structured Finance team, arranged the financing on behalf of the buyer.
"Hines' signature design and development process created an exceptional, institutional-quality community ideally positioned for strong growth," said Gunter. “Demand drivers in North Phoenix are booming. Taiwan Semiconductor Manufacturing Company's (TSMC) new facility has already hired nearly 2,000 people, and semiconductor support companies with large job requirements like Amkor are opening facilities in North Phoenix that will drive perpetual growth in the region."
Sentio is less than four miles from TSMC's $40 bil fabrication facility. The TSMC plant will create approximately 4,500 new, high-paying technology jobs. Amkor Technologies recently announced it will build a packaging facility several miles from Sentio, creating 2,000 more jobs.
"We are extremely bullish on the long-term economic outlook for Phoenix and TSMC's presence in the submarket will continue to attract additional companies and create more jobs around the community," said IDEAL managing director Kevin Conway. "The underlying economic fundamentals in Phoenix are among the best in the country with high population and job growth driving excellent demand for multifamily housing."
According to research analyzed by CBRE, Metro Phoenix posted over 12,000 units of multifamily absorption in 2023, one of the top-performing absorption totals of all U.S. metros.
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