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12/12/17
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Arcadia Gardens, a 76-unit multifamily property in Phoenix, has sold for $8.475 mil ($111.5k/unit). The property, located at 3101 North 32nd St, was acquired by RP 3101 LLC, an entity formed by Rincon Partners LLC of Phoenix.
Arcadia Gardens is a two-story apartment community located on the northeast corner of 32nd St and Earll Dr in Phoenix. Built as a hotel in 1969, the property was extensively renovated in 2016. The property leased up quickly and was over 95% occupied at the time of sale.
The new apartments feature a resort-style swimming pool, outdoor fire pit, barbecue area, state-of-the-art fitness center, clubhouse, event and business center, WIFI café/bar, pet park, putting green, covered parking, gated entry and modern laundry facilities.
Offering studio, one- and two-bedroom options with an average unit size of 573 sf, unit interiors have been fully remodeled and include stainless appliances, quartz countertops, wood plank-style flooring, new cabinets and modern lighting.
Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, 3202 Earll LLC, a company formed by Phoenix-based Glasir Capital Partners.
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