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.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.