PHOENIX, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 32 Arcadia, a 104-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,980,000.
“There were 27 site tours, most of which were sourced by Marcus & Millichap agents throughout the country, and this activity resulted in multiple offers competing for the asset,” said Pete Te Kampe, vice president investments in Marcus & Millichap’s Phoenix office. “The property went under contract for 99% of list price immediately prior to the COVID-19 shutdown and despite the delays and challenges associated with the shutdown, all parties to the transaction remained focused on and committed to delivering a closed transaction.”
Te Kampe had the exclusive listing to market the property on behalf of the seller, a private investor, marking the fourth time since 2010 Te Kampe has sold the building. The buyer purchased the property as the up-leg portion of a 1031 Exchange and was represented by Karl Abert of Kidder Mathews. The loan was sourced through Churchill Mortgage and involved new agency debt.
32 Arcadia is located at 3211 East Pinchot Avenue in Phoenix, Arizona. The property comprises all one-bedroom/one-bath units and each unit contains laundry in-suite, new stainless-steel appliances, polished concrete floors and energy-saving windows and doors. The community is secure with electronic access gates, and the property features an Amazon Hub and a 24-hour fitness center. 32 Arcadia is the only asset in the submarket to offer all of the interior renovations/upgrades combined with the common area amenities for under $1,000 per month in rent. This asset has a distinct strategic advantage over competing properties and in a highly desirable area that has rising property values.