By Mike Sunnucks | Rose Law Group Reporter
A Glendale apartment complex has sold for $101.5 million. The 256-unit Arrowhead Ranch by Baron was acquired by Decron Properties for $396,484 per unit.
The seller was Baron Properties. The deal was brokered by Institutional Property Advisors (IPA), a division of Marcus & Millichap, Inc. (NYSE: MMI),
“One of only four assets constructed within the Northwest Valley’s most coveted neighborhood, Arrowhead Ranch by Baron’s low density site plan and the lack of nearby developable land make for a generational investment, protected from the risk of future multifamily development,” said Steve Gebing, IPA executive managing director. Gebing and Cliff David, IPA executive managing director, represented Baron and helped procure Decron in the deal.
“The ongoing economic growth of the region’s key industries, including finance, healthcare, business services, and education, is driving durable job growth as single-family home prices are surging,” said David. “Average and median annual household incomes within a mile of the community are $115,600 and $94,100, respectively.”
Arrowhead Ranch by Baron’s is located on 16 acres and was built in 1996. Decron Properties is operating its Glendale apartment properties under the Lakes at Arrowhead Ranch brand
