PHOENIX, Arizona – CBRE has completed the sale of Arcos Phx, a 51-unit contemporary garden-style apartment community located at 1637 E. Missouri Ave. in the prestigious Biltmore area. The asset commanded a sale price of approximately $5.48 million, or $240 per square foot.
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer, Luna Bear Arcos, LLC, a California-based investor who obtained new financing. They also represented the seller, EQ Missouri 51, LLC.
Arcos Phx is comprised of studios and one-bedroom units ranging from 425 to 550 square feet. The property was completely reconstructed and repositioned in 2016 with extensive exterior and interior capital improvements which includeindustrial style units with stainless steel appliances and countertops, polished concrete floors, custom live edge solid wood bathroom vanities with vessel sinks, dual pane windows, and new electrical panels, HVAC units and hot water heaters. Exterior upgrades include a sandblasted exterior facade with decorative metal accents, resurfaced pebble-tec swimming pool with pavered decking andprofessionally designed landscaping.
The property benefits from proximity to the Camelback Corridor and Downtown Phoenix; several of the Valley’s largest job corridors in addition to boutique retail, independent restaurants and the SR-51.