Pillar Communities has recently acquired Cuvee, a premier multifamily community located in Glendale. The Class A asset was sold by Fore Property Company for $86 million, at an average of $277K per unit.
The property, built in 2023 and situated at 7200 N. 91st Ave, boasts top-of-the-line amenities including two resort-style pools, a state-of-the-art fitness center and a resident clubhouse with TV lounges, game room, coffee bar and business center.
With operations in Arizona and Washington states already under its belt,Pillar Communities continues to expand its portfolio with the acquisition of Cuvee being their second purchase this year within the metro Phoenix area. Leading the deal on behalf of the seller was CBRE’s Asher Gunter.
According to CBRE’s analyst report,Metro Phoenix has seen impressive absorption numbers for multifamily units through three quarters in 2023 – over 9 ,900 units have been absorbed so far making it one of the best performing metros nationwide during this time period.
