Institutional Property Advisors, a division of Marcus & Millichap, recently announced the sale of Eagle Crest, a 408-unit building down Bell Road from Peoria’s Arrowhead Mall and P83. The property sold for $55 million, which equates to $134,804 per unit.
Marcus & Millichap’s West Los Angeles office represented the seller, a private family trust, and found the buyer, S2 Capital.
“The global health crisis has not eroded the appeal of Greater Phoenix’s low population density and cost of living,” said Cliff David, IPA executive managing director. “With more than 77,000 new residents in 2019, Phoenix led the nation in net in-migration, and this trend is likely to accelerate in the current environment.”
Constructed in 1987 on a 16-acre park-like setting, Eagle Crest is 20 miles northwest of Downtown Phoenix, near Arrowhead Towne Center, P83 Entertainment District and the dynamic Bell Road Retail Corridor.
“The affluent Arrowhead community surrounding Eagle Crest safeguards the property against future multifamily development,” Cohan said. “This, coupled with the preservation of the asset and care displayed by the seller over their 30-year ownership is tremendous, making the value-add potential for this property unequivocal.”