CBRE Completes $54 Million Sale of Arrowhead Multifamily Community
21 Mar 2018
CBRE negotiated the sale of Tuscany Ridge, a 336-unit Class A multifamily community, located at 8203 W. Oraibi Dr. in Peoria, Arizona. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE Multifamily Institutional Properties in Phoenix represented the seller, a New York City-based pension fund advisor. The buyer is a San Diego based JV partnership between Gerry Ranglas/RV Management, Wermers Properties and Loma Linda University Endowment. Mike Dow of Impact Multifamily Advisors negotiated the deal on behalf of the buyers. PCCP, LCC, a real estate investment management firm based in Los Angeles, provided the financing for the property.
“Tuscany Ridge presented investors with a well-positioned value-add opportunity located in a highly sought-after West Valley submarket,” said CBRE’s Anderson. “The community is surrounded by well-maintained residential master planned communities, affluent demographics and top rated schools.”
Constructed in 2004, Tuscany Ridge is a garden-style property offering a desirable low-density site plan. The property features spacious one-, two- and three-bedroom floor plans complete with nine-foot ceilings, crown molding accents, well-appointed kitchens, full-size washers/dryers, walk-in closets and large private patios/balconies. On-site amenities include a resort-style pool and spa, resident clubhouse with theater room, 24-hour fitness center and a racquetball court.
Located in the high-end Arrowhead submarket, Tuscany Ridge benefits from strong multifamily fundamentals, with submarket occupancy consistently at or above 95%. Additionally, the property benefits from proximity to employment hubs in Peoria and Phoenix via the nearby Loop 101 freeway and immediate access to the West Valley’s top retail and dining destinations, including Arrowhead Towne Center.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.