32 Arcadia, a 104-unit multifamily community, located at 3211 E. Pinchot Avenue in Phoenix, Arizona, has sold for $14,800,000. The buyer was Cowabunga Two, LLC, a private capital family office that focuses on acquiring urban infill sustainable communities. The seller was Moderne Living, a multifamily renovation and development company. Kidder Mathews’ multifamily investment broker, Karl Abert, represented the buyer in the transaction.
32 Arcadia is fully renovated and consists of four three-story buildings equaling 53,840 rentable square feet. It’s situated on 1.92 acres within the East Phoenix and Arcadia-Lite corridors, where renovated and stabilized multifamily communities are scarce and rarely sold.
Despite the COVID-19 financing headwinds, the buyer and brokers were diligent in procuring a 73% LTV FNMA new first loan carrying a 3.2% fixed rate with three years interest-only payments.
“The buyer enthusiastically appreciates the unique opportunity to acquire the 104-unit 32 Arcadia apartments and looks forward to improving the future operations and revenues with their proven proactive management approach and strategies,” said Abert.