PHOENIX, ARIZONA – Solstice at Arcadia Apartments, located at 5401 East Thomas Road in Phoenix, sold this month for $26.6 million ($147,000 per unit).
The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction.
Tides at East Arcadia Owner, LLC, an entity form by Tides Equities, of Los Angeles, California was the buyer.
“Solstice at Arcadia was a broken condo asset that was repositioned under single ownership,” says Hudson. “Now that it is a fully intact apartment complex, there are major operational opportunities as well as a second-generation interior value-add play in one of the most sought after sub-markets in Phoenix.”
Solstice Phoenix Apartments, LLC of Phoenix, Arizona was the seller
The 181-unit Solstice apartment community, built in 1980, is situated on 5.52 acres with 34 percent one-bedroom units and 66 percent two-bedroom units. The property, located on the south side Thomas Road, east of 52nd Street, is minutes away from popular up-scale restaurants, retail centers, and major employment corridors such as The Biltmore and Downtown Phoenix. Centrally-located in the Arcadia section of Phoenix, along the Camelback corridor provides residents easy access to the popular Arizona Biltmore Golf Course, Arcadia Neighborhood, Camelback Mountain hiking, and a direct route to both uptown Phoenix and Old Town Scottsdale shopping and dining.