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4/19/24
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Arcadia Gardens, a 76-unit apartment community in Phoenix, traded hands in a recent $14.75 mil ($194k/unit) deal. Originally built in 1969 as a hotel, the property, located at 3101 N 32nd St, was readapted to multifamily use in 2016 and is currently 95% leased.
As part of the conversion, all unit interiors and systems were completely remodeled and upgraded, featuring modern elements such as individual HVAC, stainless appliances, quartz countertops, wood plank-style flooring and new cabinetry.Arcadia Gardens also features many on-site amenities, including a new resort-style swimming pool, outdoor fire pit, barbecue area, state-of-the-art fitness center, two-story clubhouse, event and business center, WiFi café/bar, pet park, putting green, gated entry, covered parking and modern laundry facilities.
The asset was acquired by CSLC Housing Acquisitions. The seller was an entity controlled by Phoenix based Rincon Partners. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix were involved in brokering the transaction.
“The property is highly visible located on the northeast corner of 32nd St and Earll Dr in Phoenix,” noted Nicoluzakis. “This outstanding location is minutes away from major valley freeways, entertainment, shopping, dining, local schools, and employment centers.”
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