Blackstone sells Glendale apartments for $101M, far below 2021 purchase price Article originally posted on Phoenix Business Journal on April 29, 2026 After paying $123.6 million for a 412-unit Glendale apartment community in July 2021, real estate giant Blackstone has sold it for $101.35 million — about 18% less than what the real estate giant paid for it. Closing on April 23, Blackstone, in care of Chicago-based LivCor, sold Arrowhead Summit to an entity tracing to Santa, Barbara, California-based NALS Apartment Homes, according to Tempe-based Vizzda LLC real estate database. Asher Gunter, Matt Peach and Austin Groen of CBRE negotiated the transaction. The property was 93% occupied when the transaction closed on April 23. The sale of Arrowhead Summit comes at a time when Blackstone is selling its entire $1.8 billion, 90-property senior housing portfolio across the country, representing a loss of more than $600 million. Last November, the Wall Street Journal said Blackstone was liquidating a major investment gone wrong, calling it one of the New York firm’s worst investments in recent years. However, Arrowhead Summit, 18330 N. 79th Ave., is not one of its senior housing properties. Built in 1999 by Fairfield Residential, Blackstone bought the property from Atlanta-based Cortland Partners LLC, which paid $60.55 million for the property in April 2018, renovating it before selling to Blackstone for $123.6 million in July 2021. Older Valley properties being sold at a premium Despite selling Arrowhead Summit at a loss, the transaction marks the third multifamily transaction that has sold for more than $100 million so far this year. Another three transactions closed between $80 million and $100 million so far this year, said Peter O’Neil, national director of research for Northmarq. Those numbers are on par from this time last year, he said. “At this point in 2025 we had also posted three transactions over $100 million, and another four transactions priced between $80 million and $100 million,” O’Neil said. One difference, however, is that older properties are demanding these premium prices when typically the newly built properties sold for these higher prices, he said. Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/04/28/glendale-apartments-sell-for-101-35m.html?cx_testId=40&cx_testVariant=cx_9&cx_artPos=2#cxrecs_s