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6/15/12
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Here’s an opportunity for a significant multifamily investment acquisition in Phoenix, as Marcus & Millichap is shopping Arcadia Cove, a 432-unit apartment complex in the city. The listing price of $47.25 mil equates to $1094k/unit and $125/sf.
The 379.3k sf 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 msf of office space. The Phoenix Gateway Center office complex 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.
Community amenities include a stand-alone leasing office and clubhouse, a state-of-the-art 24-hour fitness center, controlled access gated entry, two chlorine-free mineral swimming pools, two spas, many common area Wi-Fi hot spots, barbecue grills, reserved covered parking, detached garages and private storage units.
Cliff David and Steve Gebing, 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.
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