Land in the Heart of the Arcadia District consists of three lots all with vacant homes on the property. The buyer, E Investment Properties, Inc. recently purchased the assemblage for $1,050,000. This core submarket is going through significant revitalization which includes redevelopments of apartment and condo complexes, so the developer has plans of building a multifamily project.
Senior Advisor, Justin Horwitz and Paul Borgesen III with Sperry Van Ness, LLC in Phoenix represented the seller, DH Star, LLC. and the transaction was handled by Gayla Thompson with Pioneer Title Agency.
“The seller is actively looking for additional investment opportunities valley wide with opportunities up to $10 million so there is more business to get done,” stated Borgesen. “This sale affirms the current trend of multi-family redevelopment that continues to increase and there is no better market for such redevelopment than a strong infill market like the Arcadia district”, a third generation, Borgesen states the demand is right now.
