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Arcadia Cove Apartments Owner Upgrades Property, Reaps Strong Return On Sale

Arcadia Cove apartments at 2252 North 44th St. in Phoenix traded recently for $71.5M, with Bascom Arizona Ventures (an affiliate of Irvine, California-based Bascom Group) selling the 432-unit property to BH Equities of Des Moines, Iowa.

Arcadia Cove Apartments Owner Upgrades Property, Reaps Strong Return On Sale
Arcadia Cove, Phoenix

The deal illustrates that Phoenix multifamily is trading for ever-higher sums. According to Colliers International, multifamily investment sales began 2017 at a strong clip, with more properties selling in the first three months of this year than in any first quarter since 2007. The median price from a multifamily asset in greater Phoenix has more than doubled since 2011. 

Arcadia Cove Apartments Owner Upgrades Property, Reaps Strong Return On Sale
Arcadia Cove, Phoenix

For the seller, the Arcadia Cove Apartments deal represents a nice flip, since Bascom Arizona Ventures acquired the property in June 2013 for about $40.7M, though the seller said it made a substantial investment in renovating the property. 

Namely, Bascom upgraded the property's pools and spas, and added a fitness room, an internet café and a clubhouse with iPad stations. Unit refurbishing included new paint, countertops, cabinetry and fixtures.

MEB Management Services, which has been Bascom Arizona’s management company for more than a decade, provided property management during Bascom's ownership of Arcadia Cove Apartments. Cindy and Brad Cooke of Colliers International repped the seller.