X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

GLENDALE, AZ-Abacus Capital Group LLC has continued its investment in the market, paying $25 million for the Pavilions at Arrowhead. The 248-unit, class B-plus asset was the seller’s last holding in the region.

Jerry Tenge, senior vice president with Colliers International’s Phoenix office, says Wayne A. and Janis E Loftus of San Diego will likely redeploy their gain from the sale of 7400 W. Arrowhead Clubhouse Dr. into a 1031 exchange closer to home. Tenge represented the seller along with Colliers associate Josh Hirons and senior vice president Jon Busse.

Tenge says the listing attracted many offers in the $25-million to $30-million range. Ultimately, the New York City-based investment group’s financial standing is what won the complex. “The money was already there and we didn’t have to speculate on the financing side,” Tenge tells GlobeSt.com.

Tenge says occupancy is 85% at the 11-year-old complex, which is slated to undergo some upgrades. “It won’t be a huge overhaul, but cosmetic upgrades,” he adds. “Physically, the property is very beautiful and there isn’t a whole lot that needs fixing.”

Situated on 14.56 acres, Pavilions at Arrowhead has 13 buildings with one- and two-bedroom units from 769 sf to 1,004 sf. The monthly rents range from $669 to $824.

Abacus Capital acquired Pavilions at Arrowhead less than six months after it bought the 312-unit Renaissance at South Mountain at 15251 S. 50th St. in Phoenix. Since the purchase, it’s been renamed to Arboretum at South Mountain.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.