Phoenix Apartments Trade for $15M

Arcadia Gardens, a 76-unit apartment community in Phoenix, was recently acquired by CSLC Housing Acquisitions for $14.75 million, nearly $200,000 a unit. The seller was Rincon Partners. The property is at 32nd Street and Earll Drive.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix handled the transaction.

Nicoluzakis added, “Arcadia Gardens is a unique property that less than a decade ago underwent a major transformation from a hotel to multifamily use. All unit interiors and systems have been 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.