Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sales of The District at Fiesta Park, a 321-unit multifamily asset in Mesa and Arcadia on 49th, a 192-unit multifamily asset in Phoenix. The District at Fiesta Park’s $69.85 million sales price equates to $217,601 per unit while Arcadia on 49th’s $37.45 million sales price equates to $195,052 per unit,
“The District at Fiesta Park and Arcadia on 49th represented a rare opportunity to acquire two institutional quality apartment communities located in two diverse burgeoning Phoenix submarkets,” said Steve Gebing, IPA executive managing director. “Phoenix’s rapidly expanding business climate continues to see a large influx of demand, creating an increased interest for investors looking for multifamily assets with value-add potential.” Gebing and Cliff David, IPA executive managing director represented the seller, JB Partners, for both properties, while also procuring the buyer, Bridge Investment Group.
Both properties provide residents with a plethora of communal and in-unit amenities, including a pool, fitness center, dog park, covered parking, and walking distance from popular restaurants, retail, and dining. Major highways are nearby, making commuting from both properties extremely convenient.
“The District at Fiesta Park, built in 1979, offers an increasingly rare blank-canvas value-add opportunity with 100 percent of its units unrenovated. Antiquated common area amenities and interior finishes will provide the new ownership with the opportunity to implement a strong renovation program to match current consumer preferences and expectations,” added David. “This was a large factor behind a highly competitive bidding process for the property.”
Arcadia on 49th, built in 1972, hosts four floor plans, including studio, one-, two-, and three-bedroom apartments, providing prospective residents with a variety of options to fit their needs.
“Located in the geographic center of the Phoenix MSA, Arcadia on 49th is anchored by the Camelback Corridor, Old Town Scottsdale, and Downtown Phoenix.,” said Gebing. “Over 12,000 businesses are with a ten-mile radius, spread across key industries including healthcare, finance, manufacturing, and information technology.”