CSLC Housing Acquisitions acquires 95% leased Arcadia Gardens multifamily asset
PHOENIX, Ariz. – (April 19, 2024) – Cushman & Wakefield announced the firm has brokered the sale of Arcadia Gardens, a 76-unit apartment community in Phoenix, Arizona. Initially built in 1969 as a hotel, the 3101 N 32nd St property was readapted to multifamily use in 2016 and is currently 95% leased.
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 St and Earll Dr in Phoenix. This outstanding location is minutes away from major valley freeways, entertainment, shopping, dining, local schools, and employment centers,” added Nicoluzakis.