ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the sale of the Horizons at Arcadia Apartments a 51-unit, apartment community for $3,100,000 or $48,750 per unit. Originally built in 1985, Horizons at Arcadia Apartments is comprised of three contiguous buildings that are constructed of block and wood with flat roofing. Over the last several years, the property underwent interior and exterior renovations.
According to Rue Bax, Senior Managing Partner at ABI, from the buyer’s perspective, “This is a tremendous growth area where the Buyer sees great value in continuing the renovation process and adding some further amenities such as gating the property for added security and creating gathering areas with BBQs and seating.”
The property is ideally located in the South Arcadia Neighborhood which is minutes from both North Tempe and Downtown Phoenix. With easy access to highways, Sky Harbor International Airport, job epicenters, higher education schools, quality healthcare and shopping, the property is uniquely positioned for continued high demand.
Horizons at Arcadia Apartments Sale Highlights:
Well maintained and renovated apartment community
Attractive Unit Mix Consisting of all Two Bedroom / Two Bath Unit Types
Value-Add Opportunity through further renovations and/or adding washer/dryers in units
Close to heavily trafficked transportation/employment corridors
The Buyer is an experienced private investor from California.
The Seller is an experienced private investor from California, with other multifamily holdings in the Phoenix MSA.