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BUSINESS
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Arrowhead Ranch sold for $101.5 million
BY GLENDALE STAR STAFF
Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Arrowhead Ranch by Baron, a 256-unit multifamily asset in the Arrowhead Ranch master-planned community in Glendale.
The $101.5 million sales price equates to $396,484 per unit.
“One of only four assets constructed within the Northwest Valley’s most coveted neighborhood, Arrowhead Ranch by Baron’s low-density site plan and the lack of nearby developable land make for a generational investment, protected from the risk of future multifamily development,” said Steve Gebing, IPA executive managing director.
Gebing and Cliff David, IPA executive managing director, represented the seller, Baron Properties, and procured the buyer, Decron Properties.
“The ongoing economic growth of the region’s key industries, including fi nance, health care, business services and education, is driving durable job growth as single-family home prices are surging,” David added.
“Average and median annual household incomes within 1 mile of the community are $115,600 and $94,100, respectively.”
Arrowhead Ranch by Baron’s location, adjacent to Loop 101/the Agua Fria Freeway, gives residents immediate accessibility to employers such as USAA, Discover Financial Services, Banner Health, Honeywell, Abrazo, Arizona State University, AAA and Wells Fargo.
Shopping and entertainment are nearby, along the Bell Road Retail Corridor, at the Arrowhead Towne Center, inside the P83 Entertainment District and at the Peoria Sports Complex.
Completed in 1996 on 16 acres in a mountainous setting amid winding lakes, the open-concept apartment homes at Arrowhead Ranch by Baron have large windows, white Shaker-style cabinetry, expansive breakfast bars, full-size washers and dryers, and garden-style soaking tubs; select units
Arrowhead Ranch by Baron’s location, adjacent to Loop 101/the Agua Fria Freeway, gives residents immediate accessibility to employers such as USAA, Discover Financial Services, Banner Health, Honeywell, Abrazo, Arizona State University, AAA and Wells Fargo. (Photo courtesy of Marcus & Millichap)
have gas fi replaces and lake views. Community amenities are framed by lush greenery and include two resort-style swimming pools, spas with expansive sundecks and lake views.
BY GLENDALE STAR STAFF
The Glendale business Max Restoration LLC hired Peter Loguda, a chief operating offi cer and integrator, to help develop and implement systems and processes that will allow it to scale its fi rm across Arizona and into all markets that its client base operates in.
Because of Max’s national contracts with these clients and the repetitive scopes, the company believes it can standardize and systematize to become the leader among its competition.
“‘iBuyers’ like Opendoor, Offerpad, Redfi n and Zillow have turned the real estate market on its ear both locally and nationally, and as hedge funds continue to invest in multi-family, single-family residential and real estate investment trusts, their investments continue to produce cash fl ow, high margins and tax benefi ts for their shareholders,” said Dan Grifford, CEO of Max Restoration and Max Roofi ng.
“Being vertically and horizontally integrated with the iBuyer and REIT client base, Max’s vision is to scale and service their clients in all markets they operate in. We recognize who we are currently and what we have to do to become the best. That involves the right people on our team, systems, processes, policies and procedures. We believe hiring Peter Loguda as our chief operating offi cer gives us the best opportunity to scale and achieve our goals.”
Loguda brings nearly 25 years of real estate, process improvement and vendor management experience to the table, and will lead all aspects of Max restoration operations, Grifford said.
“Max Restoration is well positioned for growth,” Loguda said. “I am excited to join the team at its pivotal time. I am looking forward to working with our leadership partners to build the processes that set us up for long-term success.”
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