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Under Contract - Boutique Turnkey Apartment Community for Sale in Arcadia in Phoenix - #1
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Under Contract - Boutique Turnkey Apartment Community for Sale in Arcadia in Phoenix - #19

UNDER CONTRACT: Boutique, turnkey apartment community is offered for sale. Arcadia Modern Apartments ​is a thoroughly renovated, 27-unit multifamily community, combining single-level, mid-century block construction with upscale, modern improvements, at 2940 North 40th Street in Phoenix.


Visit our property website to learn more and to request the offering memorandum.


All investors should base their offer on the “As Is, Where Is” conditions of the property. Property tours by appointment only. Qualified prospective purchasers will be given an opportunity to tour the property.


This boutique gem is situated in the prestigious Arcadia neighborhood in Phoenix, on 40th Street just north of Thomas Road. Surrounded by single-family homes valued over $1 million, and within close proximity to the area's most popular restaurants, coffee shops, yoga studios and nightlife, Arcadia Modern offers an endless supply of renters who can't afford the area's home prices, but who wish to live in this desirable neighborhood.


Furthermore, the lack of available land and surrounding low-density zoning means the region has a fixed supply of rental housing. As older product is redeveloped into luxury single-family residences, this increases the exclusivity of the neighborhood and makes renting significantly cheaper than homeownership.


Arcadia Modern offers investors an excellent turnkey opportunity within Phoenix’s famed Arcadia District, where they can focus solely on operations and other lifestyle enhancements.


Property is conveniently situated in the triangle between the three downtowns of Scottsdale, Tempe and Phoenix. This central location is within a 10 to 15 minute drive to Sky Harbor Airport, Old Town Scottsdale, Biltmore Fashion Park, Mill Avenue and Downtown Phoenix. It is 10 minutes to ASU (53,000 students) in Tempe and University of Phoenix (94,000 students).


Ownership has spent over $1.1 million on both interior and exterior capital improvements, including 50% of A/C units replaced, new property signage, doors, windows, paint, landscaping and irrigation. Luxury interiors feature modern cabinetry, stainless-steel appliances, quartz countertops, undermount sink, vinyl plank flooring and in-suite washer/dryer.