CBRE announced the sale of three metro Phoenix apartment communities in March.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix represented the sellers and the buyers in the following transactions.
Los Olivos Partners, LLC, sold Arcadia Palms, a 34-unit mid-century modern apartment community in Phoenix’s Arcadia neighborhood, to Sigma 301, LLC for $6.7 million. Located at 4446 N. 36th Street and built in 1964, Arcadia Palms was renovated and repositioned in 2017. Interior finishes include wood-plank vinyl flooring, white shaker cabinetry and bathroom vanities, quartz countertops, stainless steel appliances and in-suite washers and dryers. The property places residents within walking distance to restaurants and short commutes to several central job corridors, including Camelback Corridor, downtown Scottsdale, downtown Phoenix and Tempe.
Fringe Capital Partners acquired Scottsdale Hayden apartment community from Roger Frantz and /Barbara Ernestus for $4 million. The 25-unit boutique apartment community is located at 2635 N. Hayden Road in South Scottsdale. The unit mix comprises two-bedroom floor plans that average 875 square feet. The units feature fully appointed kitchens with full-size electric appliances, ceiling fans, walk-in closets and private patios on first floor units.
The Alden, a 16-unit boutique apartment community in Phoenix’s lower Arcadia neighborhood sold to Kinsale Holdings, LLC for $2.9 million. The seller was Suzanne C. Vazzana & Alden E. Seifried III. Located at 3109 N. 36th Street, the property was built in 1989 and renovated in 2019. The unit mix features one-bedroom/one-bath and two-bedroom/two-bath floor plans that average 778 square feet. Half of the units have been fully renovated and feature fully appointed kitchens with white shaker cabinetry, quartz countertops, ceramic wood-style flooring, stainless Steel appliances, in-suite washers and dryers and private patios.
