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June 22, 2024
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New Upscale Apartment Project in Phoenix Sells for $531k/Unit


ARCADIA VIEWS, a newly constructed 16-unit luxury apartment community in Phoenix, was acquired by a Las Vegas-based investment entity for $8.5 mil ($531k/unit). Built in 2023, the new Class A, eco-friendly multifamily development is located at 2640 North 52nd St.

ARCADIA VIEWS is a collection of 16 luxury apartments featuring spacious one- and two-bedroom floor plans, each individually designed to optimize space, light, and functionality. With detailed finishes, the units also offer chef-inspired kitchens, spacious outdoor areas, and smart design throughout. Select units also provide views of Camelback Mountain.

The property is surrounded by an eclectic mix of cuisine, shopping, businesses, and entertainment. Loop 202 is also conveniently close while downtown Phoenix is within 10 minutes. Several recreational areas such as Papago Park, Camelback Mountain, and the Arizona Canal are also located near ARCADIA VIEWS.

David Fogler, Steven Nicoluzakis and Race Carter with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller, Kinella Capital, in the transaction. The buyer was Capro Arcadia Views LLC.

“ARCADIA VIEWS is a unique and highly desirable apartment community envisioned for the next generation of luxury living. The property features exceptionally thoughtful and appointed elements for tenants seeking a modern living environment while the location is also close to many amenities and freeway access,” commented Nicoluzakis. “We continue to see good demand across the Phoenix Metro from investors wanting these types of modernized, high quality and well-located multifamily assets.”

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