ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $3,700,000 / $284,615 per Unit sale of Mode 39 Arcadia Townhomes, a 13-unit property in Phoenix.
Mode 39 Arcadia Townhomes is located near the Arcadia area of Phoenix in the highly sought-after 85018 zip code, a short drive away from the heart of Old Town Scottsdale as well as the Biltmore & Camelback corridor. The community is surrounded by various Arcadia shopping, dining, and entertainment options like Chestnut at The Vintage, The Vig Arcadia, and more.
“This is a phenomenal property in lower Arcadia…one that the buyer will be proud to own long term” says ABI Vice President Patrick Burch. “The beautiful property and the highly desirable location generated a ton of interest and led to a quick sale.”
Built in 1964 and renovated in 2015, Mode 39 Arcadia Townhomes consists of 13 mid-century townhome units in a quiet residential neighborhood. All units are individually parceled with two-car covered parking spaces with direct access, private patios, and in-suite washer and dryers. The unit mix consists of all 3-bedroom/2.5-bathroom units averaging 1,615 square feet, with tenants paying all utilities.
ABI Multifamily’s John Klocek and Patrick Burch represented the buyer and seller. The buyer is a Colorado-based private investment. The seller is an Arizona-based private investment firm.
“Despite the many challenges posed by the COVID-19 outbreak, we are not surprised to see deals continuing to close in the Phoenix area,” adds Klocek. “The foundational drivers that have been behind the robust multifamily market growth in the Valley have not changed. Our diverse business and employer base, talented workforce, and significant number of renters have not gone away.”