Phoenix, Ariz. – Solstice at Arcadia Apartments, located at 5401 East Thomas Road in Phoenix, sold this month for $26,600,000.
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.
NorthMarq Multifamily offers commercial real estate investors in select markets a personalized approach to buying and selling multifamily and manufactured housing properties by combining local market knowledge with the strength of a national platform to develop creative solutions for real estate investment opportunities. From a growing platform, investment sales professionals collaborate with NorthMarq Capital’s debt and equity experts nationwide to provide a full range of capital markets services.
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $53 billion. For more information please visitwww.northmarq.com.
About Tides Equities Tides Equities is a leading Commercial Real Estate Investment Company focused on investments throughout the Western United States. They specialize in well-located, Class-B and Core Plus multifamily real estate with high value-add upside. Tides Equities brings institutional grade acquisitions acumen and operational efficiency across all realms of multifamily real estate.