Cushman & Wakefield Negotiates Sale of 76-Unit, Former Hotel
PHOENIX, Arizona – Cushman & Wakefield completed the sale of Arcadia Gardens, located at 3101 North 32nd Street in Phoenix. RP 3101, LLC, an entity formed by Rincon Partners, LLC of Phoenix, purchased the property from 3202 Earll, LLC, a company formed by Phoenix-based Glasir Capital Partners for $8.475 million ($111,513 per unit).
Executive Managing Directors Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller.
Arcadia Gardens is a 76-unit, two-story apartment community located on the northeast corner of 32nd Street and Earll Drive in Phoenix. Built as a hotel in 1969, the property was extensively renovated in 2016. The property leased up quickly and was over 95% occupied at the time of sale.
The new apartments feature a resort-style swimming pool, outdoor fire pit, barbecue area, state-of-the-art fitness center, clubhouse, event and business center, WIFI café/bar, pet park, putting green, covered parking, gated entry and modern laundry facilities. Offering studio, one- and two-bedroom options with an average unit size of 573 square feet, unit interiors have been fully remodeled and include stainless appliances, quartz countertops, wood plank-style flooring, new cabinets and modern lighting.
“Arcadia Gardens is a well-executed adaptive reuse in a great area of Phoenix,” said Steven Nicoluzakis.