Multifamily - Sale

NorthMarq Multifamily

NorthMarq closes the 181-unit Solstice at Arcadia Apartments for $26.6 million

PHOENIX, ARIZONA (December 21, 2018) – Solstice at Arcadia Apartments, located at 5401 East Thomas Road in Phoenix, sold this month for $26,600,000.  

The NorthMarq Multifamily team of Bill Hahn, Trevor Koskovich, and Jesse Hudson represented both the seller and the buyer in this transaction. 

Tides at East Arcadia Owner, LLC, an entity form by Tides Equities, of Los Angeles, California was the buyer. 

“Solstice at Arcadia was a broken condo asset that was repositioned under single ownership,” says Hudson. “Now that it is a fully intact apartment complex, there are major operational opportunities as well as a second generation interior value-add play in one of the most sought after sub-markets in Phoenix.” 

Solstice Phoenix Apartments, LLC of Phoenix, Arizona was the seller 

The 181-unit Solstice apartment community, built in 1980, is situated on 5.52 acres with 34 percent one-bedroom units and 66 percent two-bedroom units. The property, located on the south side Thomas Road, east of 52nd Street, is minutes away from popular up-scale restaurants, retail centers, and major employment corridors such as The Biltmore and Downtown Phoenix. Centrally-located in the Arcadia section of Phoenix, along the Camelback corridor provides residents easy access to the popular Arizona Biltmore Golf Course, Arcadia Neighborhood, Camelback Mountain hiking, and a direct route to both uptown Phoenix and Old Town Scottsdale shopping and dining.

 

NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. As a leader in capital solutions through long-term relationships with life companies, CMBS platforms and local, regional and national banks, the company also has a long track record of multifamily loan origination through Freddie Mac, Fannie Mae and FHA/HUD. For more information please visit www.northmarq.com.