PHOENIX, AZ– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing for Arcadia Cove (top left photo), a 432-unit apartment complex in metropolitan Phoenix. The listing price of $47,250,000 equates to $109,375 per unit and $125 per square foot.
Cliff David (middle right photo) and Steve Gebing (middle left photo), multifamily investment specialists in Marcus & Millichap’s Phoenix office, are representing the seller, a JV between a global leader in wealth and asset management services and a publicly traded REIT.
“Arcadia Cove’s urban in-fill location caters to the growing ‘Generation Y’ renter cohort, is supported by local transportation arteries and provides convenient access to a high concentration of white collar job opportunities,” says Gebing.
“The property is a coveted asset that combines the region’s most centralized location with opulence,” adds David.
The 379,296-square foot property is located at 2252 North 44th St. just south of Phoenix’s affluent Arcadia neighborhood.
Some of the metropolitan region’s largest employment centers are close to Arcadia Cove, including the 44th Street office corridor and the Phoenix Gateway Center, which combine for more than 5 million square feet of office space.
The Phoenix Gateway Center office complex (lower left photo) spans 80 acres and is the cornerstone of office development in the area.
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.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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