CSLC Housing Acquisitions Buys Arcadia Gardens Apartment Building in Phoenix for $14.7M

PHOENIX — CSLC Housing Acquisitions has purchased Arcadia Gardens, a multifamily property in Phoenix. An entity controlled by Phoenix-based Rincon Partners sold the asset for $14.7 million.

Originally built in 1969 as a hotel, the 76-unit property was readapted to multifamily use in 2016 and is currently 95 percent leased.

Arcadia Gardens features a new resort-style swimming pool, outdoor fire pit, barbecue area, fitness center, two-story clubhouse, event and business center, Wi-Fi café/bar, pet park, putting green, gated entry, covered parking and modern laundry facilities.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix handled the transaction.