Blackstone Takes 18% "Haircut" on Glendale Apartment Sale

Blackstone exits Glendale’s Arrowhead Summit for $101.4M, a significant haircut from its 2021 purchase price. Explore the latest Phoenix multifamily market trends and transaction volume.

By: AXL Media

Published: Apr 30, 2026, 11:13 AM EDT

Source: Bisnow

Transaction Breakdown: Arrowhead Summit

The sale to NALS Apartment Homes marks one of the largest multifamily trades in the Phoenix metro area so far in 2026.

Asset Details: A 412-unit community located at 18330 N. 79th Ave., originally built in 1999.

The Price Gap: Blackstone’s $101.4M exit follows a period of rapid value fluctuations. Previous owner Cortland Partners paid $60.5M for the property in 2018 before selling it to Blackstone for a massive gain three years later.

Occupancy: Despite the pricing "haircut," the property remains fundamentally healthy with a 93% occupancy rate at the time of the April 23 closing.

Phoenix Multifamily: A Market of Extremes