PHOENIX-A Minnesota investment firm has purchased a 169-unit apartment complex along Camelback Road. The acquisition price is a little more than $8.3 million.
Phoenix Arcadia Villa Apartments LLC of Eden Prairie has paid just over $49,000 per unit for the Arcadia Villa Apartments. The complex is located at the southwest corner of 40th Street and Camelback Road. It is positioned in the Camelback Corridor, which is one of the most upscale locations in the Valley for office, retail and restaurants. Nearby amenities include the Biltmore Fashion Park, Camelback Esplanade and Camelback Mountain.
The seller is Arcadia Villa Apartments LLC, a company controlled by Scottsdale-based Building Management Services, Inc. Patrick Slavin of Phoenix-based Hendricks & Partners negotiated the sale.
The apartment market has taken a hit during the past six months, as the economy faltered and the triple-digit temperature has driven out all but the most die-hard visitors. The vacancy rate now stands at 8.2%, up a year ago from 6.9%, according to a recent survey by Hendricks & Partners.
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