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10/29/21
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The Arcadian, a 45-unit apartment property in Phoenix, was purchased by a California investor for $10 mil, or $222.2k/unit. The seller was a local investor.
Located at 3101 North 36th St in the East Phoenix/Lower Arcadia submarket, the garden-style apartment community was originally constructed in 1979. The unit mix is comprised of one- and two-bedroom apartments with an average size of 656 sf. Community amenities include a courtyard with a swimming pool, gazebo with picnic seating, barbeques, covered parking, a rental office and on-site laundry facility.
The site has immediate access to mass transit and many of the area’s most popular restaurants, retail, and entertainment destinations. The Arcadian is six miles from both Downtown Phoenix and Phoenix Sky Harbor International Airport.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented both parties in the transaction.
“The Arcadian provides the new owner with in-place yield and additional value-add potential by continuing the interior unit upgrades,” said Seaman.
A recent CBRE survey of commercial real estate investors ranked Phoenix as a top-10 target among America’s metros. The Sun Belt market jumped five spots to #4 in the firm’s 2021 Americas Investor Intentions Survey.
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