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| 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.
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| 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.”
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| 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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