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.
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.
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.