Bascom Arizona Ventures sells Arcadia Cove Apartments for $71.5M
Bascom Arizona Ventures (Bascom Group) completed the $71.5 million sale of Arcadia Cove Apartments in Phoenix, commanding $165,509 per unit.
Arcadia Cove, built in 1996, is located at 2252 N. 44th St., and comprises 432 units. Bascom Arizona Ventures purchased the property in June 2013 for $40.725 million ($94,270 per unit).
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.
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. The amenities brought the community up to modern design.
MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Arcadia Cove is one of the multifamily projects for which MEB has provided property management.
“The management and leasing team at Arcadia Cove was outstanding,” said Mark Schilling, Senior Vice President of Operations and Principal of MEB Management Services. “Vice President of Operations Dalia Bureker and her team did a great job the past four years providing exemplary property management service.”
The buyer was BH Equities of Des Moines, Iowa. Bascom was represented by Cindy and Brad Cooke of Colliers International.