Blackstone has unloaded the 412-unit Arrowhead Summit apartment complex in Glendale for about $101.35 million, taking a steep markdown from the roughly $123.6 million the firm paid in mid-2021. The sale ranks among the largest apartment trades in the Phoenix metro this year and underscores a broader reset in pricing for some Sun Belt multifamily assets.
According to Phoenix Business Journal, Blackstone closed the deal at about $101.35 million, roughly $22 million below its mid-2021 purchase price. The outlet reported the asset under the name Arrowhead Summit and noted that it was among several high-value multifamily trades in the Valley this year.
Cushman & Wakefield's sales summary lists the July 2021 transfer of Cortland Arrowhead Summit at 18330 N. 79th Avenue for $123.6 million and describes the complex as a garden community. Yardi Matrix confirms the same address and the 412-unit count, aligning with the market record.
Local market context
Activity around Arrowhead Summit shows investors are still circling the West Valley, even if pricing has cooled. Nearby property Tresa at Arrowhead traded hands in March for roughly $82.2 million, and other high-ticket deals have shuffled this year's leaderboard of local multifamily sales.
Local reporting and market trackers have flagged Arrowhead Summit as one of the few Phoenix-area apartment properties to clear the nine-figure mark so far in 2026. A Florida investor drops $82 million headline and other industry roundups have also highlighted the wave of out-of-state buyers wading into the Glendale submarket.
Why this matters
Higher borrowing costs and stricter underwriting have pushed many investors to sharpen their pencils, which has translated into repriced deals across non-major metros. According to Multifamily Dive, first-quarter 2026 apartment sales and price indexes showed only modest movement as cap rates widened, a backdrop that helps explain why some owners are now willing to exit below their original basis.
Public deed records in Maricopa County are expected to reveal the buyer and final transaction details once the transfer is recorded, and subsequent public filings and broker reports should spell out how the purchase was financed.
