LAND SCARCITY, HIGH CONSTRUCTION HELP PROVIDE BUFFER ON THIS MF ASSET
Published on Wednesday, April 24, 2024
Just one other market-rate multifamily asset with 100 units or more has been constructed within a three-mile radius of Hangar at Thunderbird since 2010, says a source close to the deal, which has just been traded to Decron Properties for $69 million.
GLENDALE, AZ—Institutional Property Advisors, a division of Marcus & Millichap, recently revealed the sale and financing of Hangar at Thunderbird, a 266-unit multifamily property in Glendale, AZ. The asset traded for $69 million, or $259,398 per unit. IPA Capital Markets arranged $40 million in acquisition financing.
“Just one other market-rate multifamily asset with 100 units or more has been constructed within a three-mile radius of Hangar at Thunderbird since 2010, and there is only one market-rate property currently under construction,” said Steve Gebing, IPA executive managing director, in a prepared statement.
He adds that “Land scarcity and high construction costs provide the asset with a rare buffer against future multifamily supply.” Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell, and procured the buyer, Decron Properties. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing.
The property is adjacent to Arizona Christian University and close to the Arrowhead Ranch and Arrowhead Lakes communities. Nearby Loop 101/Agua Fria Freeway and Interstate 17 give residents access to the Deer Valley and I-17 Employment Corridors and employers such as USAA, Farmers Insurance, Honeywell, Wells Fargo, Amazon, HonorHealth, and Cigna. The Bell Road Retail Corridor, home to the Arrowhead Towne Center, P83 Entertainment District, and the Peoria Sports Complex is within a short drive.
Completed in 2023, the Hangar at Thunderbird’s name and design pay homage to the surrounding location’s history as World War II-era airfield. The garden-style, controlled-access property’s community amenities include a resort-inspired swimming pool and spa with adjacent outdoor game patio, and a shaded community playground with evening lighting.
The apartments feature nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with built-in shelving and patios or balconies with exterior storage. The average unit size is 883 square feet, the release notes.
“Just one other market-rate multifamily asset with 100 units or more has been constructed within a three-mile radius of Hangar at Thunderbird since 2010, and there is only one market-rate property currently under construction,” said Steve Gebing, IPA executive managing director, in a prepared statement.
He adds that “Land scarcity and high construction costs provide the asset with a rare buffer against future multifamily supply.” Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell, and procured the buyer, Decron Properties. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing.
The property is adjacent to Arizona Christian University and close to the Arrowhead Ranch and Arrowhead Lakes communities. Nearby Loop 101/Agua Fria Freeway and Interstate 17 give residents access to the Deer Valley and I-17 Employment Corridors and employers such as USAA, Farmers Insurance, Honeywell, Wells Fargo, Amazon, HonorHealth, and Cigna. The Bell Road Retail Corridor, home to the Arrowhead Towne Center, P83 Entertainment District, and the Peoria Sports Complex is within a short drive.
Completed in 2023, the Hangar at Thunderbird’s name and design pay homage to the surrounding location’s history as World War II-era airfield. The garden-style, controlled-access property’s community amenities include a resort-inspired swimming pool and spa with adjacent outdoor game patio, and a shaded community playground with evening lighting.
The apartments feature nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with built-in shelving and patios or balconies with exterior storage. The average unit size is 883 square feet, the release notes.