Arcadia 24 & 15 2 Multifamily Properties in Phoenix, AZ

Arcadia 24 consists of 24 townhomes and Arcadia 15 consists of 15 townhomes with the average unit size being approximately 1,547 square feet. The properties can be purchased individually or together and are one street apart. Please reach out to Chris Roach for more info on pricing and financials - chris.roach@colliers.com
LUXURY RESIDENCES
• Built to luxury townhome specs but kept as rentals and could be sold off individually in the future.
• 1,547 Avg square foot units with every unit having a direct access, 2 car garage with EV charger port inside.
• Every unit features approximately 400 square feet of private, gated, outdoor patio space.
• Custom cabinetry, quartz countertops, stainless steel appliances, large walk in closets and private balconies off the master bedroom.
• 10 foot ceiling heights.
• Smart thermostats, video doorbell, keyless remote smart lock system, motion and door/window monitored alarm systems.
• Both properties feature a pool, ramada, and outdoor BBQ grills
• Arcadia 15 is individually parceled.
EXCLUSIVE LOCATION
• Located in the coveted Arcadia submarket, with home sales in the immediate area averaging $1.11million over the last 6 months and new custom homes starting at $2million.
• Homes in the Manor 38 and Baker Park Villas adjacent to these properties are between $1.3million - $2million.
• Within minutes of Arizona's top tier golf courses- The Phoenician, The Biltmore, Mountain Shadows, Paradise Valley Country Club and Arizona Country Club.
• Near Arizona's renowned resorts and spas - The Global Ambassador, Royal Palms, Sanctuary at Camelback Mountain, The Phoenician, Mountain Shadows and Omni at Montelucia.
• In the heart of Arcadia’s top tier restaurant scene with over 140 restaurants located within minutes away and excellent proximity to shopping, nightlife and lifestyle conveniences.
• Conveniently situated in the triangle between the three downtowns of Scottsdale, Tempe and Phoenix and less than 5 miles from all three.
• An average household income of $128K within a 1 mile radius and median age of 37 years old with the typical tenant being an affluent, young to middle aged professional.
• Centrally located within a 10-15 minute drive of Sky Harbor Airport, Old Town Scottsdale, Biltmore Fashion Park, Tempe’s Mill Avenue and Downtown Phoenix
• Scottsdale Fashion Square, which features 1.87million SF of retail and 240 shops and restaurants, is a mere 5 miles away
FAVORABLE MARKET CONDITIONS
• Interest rates have increased the cost to purchase a home and a median priced home in the MSA now costs over $3,870/mo when factoring in a 20% down payment, taxes, and insurance. Many mature renters prefer more space and privacy than a traditional apartment offers and chose to rent townhomes which offer a garage, backyard and no tenants above or below them. Renting is cheaper than homeownership.
• Increased construction, land and financing costs makes it increasingly hard to develop new residential projects which will put upward pressure on rents as new construction starts have slowed significantly.
• Vacant land is very hard to find in the Arcadia area and zoning severely restricts density.
• Cities have pushed back further on multifamily development in favor of single family and retail which creates further barriers for multifamily housing in the future.