Phoenix Metro Multifamily Development Represents Fore’s Second Successful Sale in Region in 2019
Fore Property, one of the country’s top 20 largest multifamily developers, today announced the $78.5 million sale of Summerly at Zanjero, a 340-unit apartment community in Glendale, Arizona.
Located at 7375 North Zanjero Boulevard, roughly 15 miles from downtown Phoenix, the high-end apartment community was developed and constructed by Fore Property in 2018, and was 95% occupied at the time of sale.
Comprising 32 two- and three-story buildings spread across an 18.58-acre site, Summerly at Zanjero features one-, two- and three-bedroom apartments, along with a best-in-class amenity package, including two swimming pools with barbecues and fireplaces, a fitness center with yoga and spin room, a dog park and playground, as well as parcel lockers.
The LEED Silver-certified community provides its residents with easy access to mass transit and major roadways, such as Loop 101, in addition to shopping, dining and local entertainment, including the Westgate Entertainment District and the University of Phoenix Stadium.
"We continue to be active in the Phoenix Metro, as it steadily remains one of the top-performing markets in the nation. Summerly at Zanjero is ideally located near major employers and entertainment venues, which greatly heightened its appeal for development,” said Jonathan Cornelius, Vice President at Fore Property. “We successfully delivered an upscale, highly-amenitized apartment community, equipped with modern conveniences, which ultimately led to leasing it up to nearly full occupancy. This success made the property a particularly attractive investment opportunity, and allowed us to generate excellent returns for our investors.”
In addition to the sale of Summerly at Zanjero, Fore recently completed the $89.2 million sale of Tempo at McClintock Station Apartments, a 423-unit, mid-rise community in Tempe, Arizona.
Fore continues to maintain a presence in the Phoenix Metro: a 223-unit community located at 3601 N Central Avenue in Midtown Phoenix is currently under construction, and a 323-unit community located at 400 N 2nd Avenue in Downtown Phoenix will be commencing construction in December 2019.
About Fore Property:
Throughout its 25-year history, Fore Property has proudly created a legacy by developing, building, and managing more than 25,000 market-rate, affordable, and senior living units in apartment communities and mixed-use developments nationwide. Led by an executive team of recognized industry visionaries, Fore employs its time-tested expertise to generate reliable, opportunistic returns for its investment partners—a strategy that the company adapts to every region and neighborhood in which it works. As one of the nation’s 20 largest multifamily developers, Fore maintains a commitment to quality through its vertically integrated approach, earning the company a growing base of long-term investors and collaborators.
