East Phoenix Community Trades for $15M

Greystone provided a fixed-rate $10.8 million Fannie Mae loan for the acquisition.
32 Arcadia. Image courtesy of Kidder Mathews

Moderne Living has completed the $14.8 million disposition of 32 Arcadia, a 104-unit community in Phoenix, Ariz. Kidder Mathews Senior Vice President Karl Abert facilitated the sale on behalf of the buyer, a private capital family office. The asset last traded in 2017, when the current seller acquired it for $4.3 million from Property Concepts.

The new owner received a $10.8 million Fannie Mae loan from Greystone, according to Yardi Matrix. The mortgage represents 73 percent of the total sale price. The note carries a 3.2 percent fixed interest rate and three years of interest-only payments.

Located on 2 acres at 3211 E. Pinchot Ave., the property encompasses four three-story buildings finalized in 1972. In 2018, the seller executed a comprehensive capital improvement plan on the property. The amenity package includes a resort-style pool, a gym and three laundry facilities.

Situated in the Camelback East Village neighborhood, the community is a short distance from the busy retail corridor along Thomas Road, which includes the Desert Place Power Center and the East Thomas Marketplace. Additionally, the property is 6 miles northeast of downtown Phoenix.

In August, a different Kidder Mathews team closed the $44.5 million sale of Knol Apartments, a 216-unit community in Kent, Wash. The brokerage assisted the seller, Goodman Real Estate in the transaction to Forum Real Estate Group.