Cushman & Wakefield, announced today that a Denver-based investor has purchased the Arcadia Del Sol apartment complex at 4127 E. Indian School Rd. for $23,450,000 ($90,541 per unit.)
Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the Seller and negotiated the sale of the property to Arcadia 4127 Apts LLC (Baron Real Properties) of Denver, CO. The seller was Arcadia Sky LLC (Ted Akiba and Clear Sky Capital, LLC) of Scottsdale, AZ.
“The buyer was attracted to Arcadia Del Sol because of the exceptional repositioning opportunity offered due to the strength of the Arcadia submarket,” said Mr. Fogler. “Arcadia has always been considered one of Phoenix’s best neighborhoods and Arcadia Del Sol is ideally situated to take advantage of the desire to live in the Arcadia area.”
Arcadia Del Sol was built in three phases during the 1970s and 1980s. The project contains 259 apartment units that average 820 square feet in size. The property offers two swimming pools, an outdoor spa, on-site laundry facilities and gated access. Baron Properties is planning an extensive renovation and repositioning of the asset to take advantage of the high demand to live in the Arcadia area of Phoenix.