Cushman & Wakefield announced the firm has brokered the sale of Arcadia Gardens, a 76-unit apartment community in Phoenix, Arizona.
The asset was acquired by CSLC Housing Acquisitions for $14.75 million, 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 handled the transaction.
“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,” said Executive Managing Director Steven Nicoluzakis.
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 property is highly visible located on the northeast corner of 32nd Street and Earll Drive in Phoenix. This outstanding location is minutes away from major valley freeways, entertainment, shopping, dining, local schools, and employment centers,” added Nicoluzakis.
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.
