IPA Brokers Sale of Hangar at Thunderbird Multifamily Property in Glendale, Arizona for $69M

by Amy Works

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Hangar at Thunderbird, a multifamily community in Glendale. P.B. Bell sold the asset to Decron Properties for $69 million, or $259,398 per unit.

Completed in 2023, Hangar at Thunderbird features 266 apartments with nine-foot ceilings, wood-style vinyl plank flooring, laundry closets with full-size washers and dryers, closets with build-in shelving, and patios or balconies with exterior storage. The garden-style, controlled-access community offers a swimming pool, spa, adjacent outdoor game patio and shaded community playground with evening lighting.

Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged $40 million in acquisition financing.

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