Marcus & Millichap arranges Clubhouse at Arcadia sale

PHOENIX — Marcus & Millichap, a real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced last week the sale of Clubhouse at Arcadia, a 43-unit apartment property located in Phoenix.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $14,200,000.

“Located in the coveted Arcadia Lite submarket on over 2.50 acres of land, Clubhouse at Arcadia is well-positioned for continued rent growth and is a prime candidate for a luxury plus community and interior renovation,” said Paul Bay, first vice president investments in Marcus & Millichap’s Phoenix office.

“It’s rare, low-density arrangement positively differentiates the community in a residential area with high demand and extreme barriers to future supply.”

Bay had the exclusive listing to market the property on behalf of the seller, tenants in common. The buyer, a private investor, was procured by Bay.

Clubhouse at Arcadia is located at 2620 North 40th Street in Phoenix.