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9/14/23
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Blue Lake Capital has purchased Arcadia Cove, a 432-unit multifamily community in Phoenix. The price was not given out.
Built in 1996, Arcadia Cove features a 24-hour fitness center, a resort-style swimming pool and spa area and a newly renovated resident clubhouse with a billiards table. Select updated unit interiors feature wood-style flooring, granite countertops, energy-efficient stainless steel appliances, a fireplace and a full-size washer and dryer in the unit.
"Arcadia Cove was an ideal match for our investment criteria, and we remain bullish on the region's long-term economic outlook," said Ellie Perlman, founder and CEO of Blue Lake Capital. "Phoenix boasts low unemployment, strong projected job growth, healthy renter demographics and a vibrant, expanding workforce. We look forward to implementing our value-added business plan at Arcadia Cove as we explore additional acquisition opportunities across the sunbelt markets."
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Priderock Capital Partners. Metro Phoenix posted over 6,500 units of multifamily absorption through the first half of 2023, the top-performing absorption total of all U.S. metros year-to-date, according to CBRE research.
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