Arcadia del Sol

Cushman & Wakefield Negotiates Sale to Colorado Investor

PHOENIX, April 7,  2016 – Cushman & Wakefield announced today that a Denver-based investor has purchased the Arcadia Del Sol apartment complex at 4127 E. Indian School Rd. for $23.45 million ($90,541 per unit).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the Seller and negotiated the sale of the property to Arcadia 4127 Apts LLC (Baron Real Properties) of Denver, CO.  The seller was Arcadia Sky LLC (Ted Akiba and Clear Sky Capital, LLC) of Scottsdale, AZ.

“The buyer was attracted to Arcadia Del Sol because of the exceptional repositioning opportunity offered due to the strength of the Arcadia submarket,” said Mr. Fogler.  “Arcadia has always been considered one of Phoenix’s best neighborhoods and Arcadia Del Sol is ideally situated to take advantage of the desire to live in the Arcadia area.”

Arcadia Del Sol was built in three phases during the 1970s and 1980s.  The project contains 259 apartment units that average 820 square feet. The property offers two swimming pools, an outdoor spa, on-site laundry facilities and gated access.  Baron Properties is planning an extensive renovation and repositioning of the asset to take advantage of the high demand to live in the Arcadia area of Phoenix.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.