Colliers International in Greater Phoenix has announced the $12,150,000 sale of 135 units within Solstice at Arcadia, a condominium project located at 5401 E. Thomas Rd, Phoenix Arizona.
“This property offers a great location to the buyer, situated at the gateway to the Scottsdale marketplace,” says Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “Solstice offers some opportunities for asset renovation that would position the property for even higher value. The community is conveniently located to local freeways, Arizona State University and Old Town Scottsdale.”
Hahn, Jeff Sherman and Trevor Koskovich of Colliers International negotiated the sale.
WWC XIII, a company formed by Western Wealth Capital (Janet LePage, principal) of Burnaby, Canada sold the community to Solstice Phoenix Apartments, LLC (Travis Karl, principal).
Built in 1980, Solstice features 181 apartment units in two and two and one-half story buildings. The community features one and two-bedroom units, some of which offer townhouse-style living. The apartments range in size from 449 to 1,066 square feet. Larger units feature washer/dryer appliances. The property was previously converted to condominiums, and 46 units were sold to individual residents or investors. The community features a fitness center, clubhouse, swimming pool, spa and two laundry facilities. Solstice offers full covered parking with a total of 256 spaces. The community was 93% occupied at the time of the sale.