Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, AZ-Closing out a two-year hold, Mentor Properties Inc. has sold the 136-unit Strayhorse at Arrowhead Ranch to Equity Residential Properties Trust for $17.3 million. The class A asset was destined for condo conversion until the market collapsed.

Canadian-based Mentor Properties planned to start the conversion at 20707 N. 67th Ave. as soon as a loan provision that barred an immediate change had expired, GlobeSt.com was told when it was bought in January 2006 for $10.5 million. According to Tyler Anderson, vice chairman of CB Richard Ellis in Phoenix, Mentor put the 10-year-old asset on the market in the wake of the condo market’s local collapse.

Anderson says the complex had been on the market awhile with several interested parties making offers, all falling short of the seller’s expectations. “Equity came along with its offer and the available funds to close so the seller agreed to sell,” he says. The CBRE sales team included vice chairman Sean Cunningham and senior vice president Jack Hannum.

Anderson tells GlobeSt.com that Mentor put a great deal of money into painting and upgrading the 94%-occupied complex so the Chicago-based Equity Residential won’t need to make any upgrades. Equity also owns Isle at Arrowhead Ranch at 20250 N. 67th Ave., which is directly across the street from Strayhorse.

“They’ll run Strayhorse in conjunction with the other asset,” Anderson says. “Equity bought Strayhorse with exchange money so it was good fit for them. It’s on a golf course within the Arrowhead master-planned community and it’s a sweet property.”

Situated on 18 acres, Strayhorse at Arrow Ranch has one-, two- and three-bedroom units ranging from 729 sf to 1,110 sf. Rents go from $795 to $1,045 per month.

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?


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

Get More Information


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.