Canadian Investor Sells 148-Unit Apartment Community in Phoenix, Arizona

Price: $13,660,000 Total Units: 148 Date: 7/29/2016 The 148 unit Arcadia Walk apartments, located at 2606 N. 44th Street in Phoenix, Arizona, was sold for $16.75 million ($113,175 per unit). Bill Hahn, Trevor Koskovich, and Jesse Hudson represented the seller and procured the buyer. WWC XX, LP, an entity formed by Western Wealth Capital out of North Vancouver, British Columbia was the seller. RCC Real Estate, Inc., an entity formed by Richard Vann out of San Diego, California was the buyer. Arcadia Walk is Vann’s first multifamily acquisition in the Phoenix market. “The buyer is capitalizing on the strong rent growth and demand in the popular Arcadia submarket” says Koskovich. “He plans to continue to renovate the property’s interiors and exteriors and drive value.” Arcadia Walk consists of nine buildings with 94,704 square feet of space situated on 4.29 acres. The community is a blend of 3% studios, 76% 1-bedroom units, and 21% 2-bedroom units. Twenty-three percent of the property has been upgraded with new kitchen cabinets and countertops, new flooring, new light fixtures, new paint, new bathroom cabinets and countertops, and new appliances. The community is located on the west side of 44th street just south of Thomas Road. The property 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.