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.

PHOENIX, Arizona  – Cushman & Wakefield announced that Scottsdale-based CCA-El Conquistador Apartments, LLC purchased El Conquistador Apartments, located at 1881 East Irvington Road in Tucson, Arizona, for $7.5 million ($37,313 per unit) from Oksenholt F&S Tucson I LLC of Lincoln City, Oregon

David Fogler, Steven Nicoluzakis, Brent Mallonee, Chris Hollenbeck and Regan Amato of Cushman & Wakefield Phoenix represented the buyer.

“The El Conquistador represented an excellent value-add opportunity for the buyer, who was attracted to the property because of the quality of the asset and the location,” said David Fogler.

El Conquistador is a 201-unit, garden-style apartment community consisting of 12, two-story buildings. Spanning 6.75 acres, the property is approximately 81,074-square-feet and features studio, one- and two-bedrooms in four individual floor plans averaging 403-square-feet.

Located in southern Tucson, El Conquistador is on the northwest corner of Campbell Avenue and Irvington Road.

PHOENIX, Arizona – Cushman & Wakefield announced today the $18.1 million ($110,336 per unit) sale of Tatum Place, a 164-unit apartment community located at 16801 North 49th Street in Scottsdale, to Phoenix-based Clear Sky Capital EBH, LLC.

Cushman & Wakefield Executive Managing Directors David Fogler and Steven Nicoluzakis of the Phoenix office represented the seller, NNC Tatum Place, LLC of Long Beach, California.

Tatum Place is a well-maintained apartment home community, with great value-add potential. “The community presented an opportunity for an owner to continue repositioning the asset to compete with comparable properties in the thriving Northeast Phoenix market,” according to Fogler.

The property, built in 1984, currently offers one- and two-bedroom floor plans with an average unit size of 804 square feet. Tatum Place offers its residents two swimming pools (one Olympic Style), sun decks, spa, fitness center, gas barbecue grills and picnic area, laundry facility, gated access and covered parking. Tatum Place also features panoramic mountain views and has easy access to a variety of shopping, dining and entertainment venues.