Friday, June 21, 2013

Marcus & Millichap Negotiates $40.7 Million Sale of Arcadia Cove Apartments in Metro Phoenix, AZ

Arcadia Cove Apartments, 2252 North 44th St.
Phoenix, AZ

PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services Inc. has arranged the sale of Arcadia Cove Apartments, a 432-unit multifamily complex in metropolitan Phoenix. The sales price of $40,725,000 equates to $94,271 per unit and $107 per square foot.

Steve Gebing
Steve Gebing, vice president investments and Cliff David, vice president investments, both in Marcus & Millichap’s Phoenix office, represented the seller. The buyer is The Bascom Group of Irvine, Calif. in coordination with its local affiliate, Bascom Arizona Ventures LLC, based in Scottsdale, Ariz.

“Some of the largest employment centers within the metropolitan region surround the periphery of Arcadia Cove, including the 44th Street and Phoenix Gateway office corridors, which combine to offer more than 5 million square feet of office space,” says Gebing.

 “In addition, nearby Papago Park Master Plan adds to the viability of the area’s economic prosperity with 2.3 million square feet of commercial space.”

Cliff David
            The 379,296-square foot property is located at 2252 North 44th St. just south of Phoenix’s affluent Arcadia neighborhood.

Developed by Picerne Real Estate Group in 1996, Arcadia Cove features spacious one-, two- and three-bedroom apartment homes with fully equipped kitchens, full-size washers and dryers and abundant storage space with large walk-in closets. Select apartment interiors offer vaulted ceilings, wood-burning fireplaces and wood-style flooring.

 “The potential for growth and opportunity in the region is enhanced by the trajectory of the nearby Discovery Triangle, a 25-square mile area that spans the urban cores of Phoenix and Tempe, and is home to nearly 7,000 businesses with more than 150,000 employees working within the region each day,” adds David.

 For a complete copy of the company’s news release, please contact:

Ben Johnson
Marketing Director
(925) 953-1736

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