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Pillar Communities Acquires Cuvee Apartments In Glendale For $86M

Property Image
SOLD
$86,000,000
Sean Cunningham
Asher Gunter
Matt Pesch
+ 1

Arizona

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MultiFamily
Sold 12/08/2023
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Property Image
SOLD

Pillar Communities Acquires Cuvee Apartments In Glendale For $86M

7200 North 91st Avenue

See Similar Deals
MultiFamily
Sold 12/08/2023
Sean Cunningham
Asher Gunter
Matt Pesch
+ 1
the dealplayerscompscontact
Contact now

Summary

ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale

Fore Property Co. has finalized the sale of Cuvee, a newly constructed apartment property located at 7200 N. 91st Ave. in Glendale, AZ. The Class A multifamily asset was acquired by Pillar Communities for a total of $86 million.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $86,000,000
  • Address: 7200 North 91st Avenue, Glendale, AZ
  • Market: Glendale, AZ

This transaction was facilitated by the following key individuals and companies:

It is worth noting that Cuvee is a newly constructed apartment property, providing modern and high-quality living spaces. The acquisition of this Class A asset by Pillar Communities highlights the attractiveness and potential of the Glendale, AZ market for real estate investments.

Players

Matt Pesch
CBRE
Matt Pesch
15 deals$1.2B volume
BROKER
Sean Cunningham
CBRE
Sean Cunningham
13 deals$1.3B volume
BROKER
Asher Gunter
CBRE
Asher Gunter
14 deals$1.2B volume
BROKER
Austin Groen
CBRE
Austin Groen
13 deals$1.1B volume(602) 735-1706
BROKER
FC
Fore Property Co.
SELLER

Details

SOLD
IMAGE: Ellen Richwine, Matt Pesch, Asher Gunter, Sean Cunningham & Austin Groen DATE: 12/08/2023 ADDRESS: 7200 North 91st Avenue MARKET: Glendale, AZ ASSET TYPE: Multifamily BUYER: Pillar Communities SELLER: Ellen Richwine - Fore Property Co BROKERS: Matt Pesch, Asher Gunter, Sean Cunningham & Austin Groen - CBRE SALE PRICE: $86,000,000 NOTE: Fore Property Co. has finalized the sale of Cuvee, a newly constructed apartment property at 7200 N. 91st Ave. in Glendale, with Pillar Communities acquiring the Class A asset for $86 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,586,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$305,539.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$407,683.88
Annual Debt Service$4,892,206.50