Apartments In Upscale Arizona Neighborhood Sell For $71 Million

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Phoenix, Tucson Apartments Sold

The Arcadia Cove Apartments in Phoenix, acquired for about $40 million in 2013, have sold for $71.5 million, according to a release.

The 432-unit complex was sold to BH Equities of Des Moines, Iowa, according to Bascom Arizona Ventures who completed the sale for $165,509 per unit. Arcadia Cove, built in 1996, is located at 2252 N. 44th St.

Bascom made a substantial financial investment in renovations at Arcadia Cove. Exterior upgrades were performed on the pools and spas. Misters were added to the pool area, as were barbecue pits, outdoor television monitors and Wi-Fi connection, according to Bascom’s release on azbigmedia.com.

Upgrades featured a fitness room, an Internet café, and a clubhouse with iPads stations. Interior upgrades included two-tone paint, new cabinetry, granite countertops, energy-saving stainless steel appliance packages, modern light fixtures, vinyl plank flooring, and ceilings fans.

Apartments brought up to modern design

 The amenities brought the community up to modern design, according to a release.

The deal illustrates that Phoenix multifamily is trading for ever-higher sums, according to biznow.com. 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 Luxury Apartments offer one-, two- and three-bedroom floor plans and resort style amenities.

The apartments are located near the Arcadia neighborhood in Phoenix bounded by 40th Street to 68th Street and Oak St. to Camelback Mountain. Arcadia contains well-kept homes on large lots which command relatively high property values.

The central location is close to downtown Phoenix, Old Town Scottsdale, Arizona State University, the Phoenix Zoo and Sky Harbor Airport.

Bascom was represented by Cindy and Brad Cooke of Colliers International.

Colorado investor buys Raintree Apartments in Tucson for $12 million

In another Arizona multifamily sale, A Colorado investor has purchased the Raintree apartment community at 6450 E. Golf Links Rd. for $12,475,000. The company acquired the property as an expansion of its existing Arizona real estate portfolio, according to a release.

Colorado-based SPL Real Estate and Management Company purchased the community from Summit Raintree, LLC, a Delaware limited liability company. Koskovich, Bill Hahn and Jesse Hudson of Colliers International in Greater Phoenix handled the sale transaction.

“This property offers the abundance of on-site amenities that today’s tenants are seeking,”

Trevor Koskovich, senior vice president with Colliers International in Greater Phoenix, said in the release. “The quality of the property and its incredible location near Davis-Monthan Air Force Base position the asset for outstanding appreciation in value.”

Raintree was built in 1983 and was 96 percent occupied at the time of the sale. Situated on 10.18 acres of land, the community features 20 two-story buildings of apartment homes. The property contains 364 units ranging from 327-square-foot studios to 928-square-foot two-bedroom apartments. Raintree offers a total of 145,456 square feet of space.

The gated community provides residents with a swimming pool and spa, fitness center, basketball court, sand volleyball, racquetball court, dog park, jogging track, television lounge and 24-hour laundry facility. Apartment units feature walk-in closets, pantry, vaulted ceilings in upper units and dishwashers.

Raintree is located in a popular area of Tucson, just north of Davis-Monthan Air Force Base. The area features a variety of shopping destinations and is surrounded by strong elementary schools and higher education institutions. Comcast recently announced the future hiring of 1,175 employees for its call center, just 20 minutes from Raintree.

About Colliers:

Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry-leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

 

 

About Bascom:

The Bascom Group, LLC is a private equity firm specializing in multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom sources value-add and distressed properties through foreclosure, bankruptcy, or short sales, and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses using institutional-quality property management.

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