A newly constructed 16-unit luxury apartment community in Phoenix was recently sold for over $500,000 a unit. A Las Vegas-based investment entity acquired Arcadia Views for $8.5 mil ($531k/unit). Built in 2023, the new Class A, multifamily development is located at 2640 North 52nd St.
Arcadia Views is a collection of apartments featuring one- and two-bedroom floor plans with views of Camelback Mountain. Rents range from $2,400 – $3,450 a month.
A Cushman & Wakefield team led by Steven Nicoluzakis represented the seller, Kinella Capital, in the transaction. The buyer was Capro Arcadia Views LLC.
Nicoluzakis commented, “We continue to see good demand across the Phoenix Metro from investors wanting these types of modernized, high quality and well-located multifamily assets.”
Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.