Blackstone Takes Haircut On Arizona Multifamily Complex

Real estate investor Blackstone last week sold a Glendale apartment community for $101.4M — about 18% less than what it paid for it in 2021, the Phoenix Business Journal reported.

Blackstone purchased the 412-unit Arrowhead Summit at 18330 N. 79th Ave. for $123.6M in July 2021. The seller was Cortland Partners, which had paid $60.5M for it in 2018.

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