CBRE negotiated the sale of Arcadia Cove, a 432-unit multifamily community in Phoenix. CBRE’s Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, Priderock Capital Partners. The sale price was $130,500,000, according to Vizzda.
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The Arcadia Cove community, built in 1996, 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.
“Investors are still attracted to the strong demand drivers in Phoenix and this transaction is a testament to the region’s resilient economic appeal,” said Asher Gunter, CBRE’s vice chairman. “Maricopa County was the largest-gaining county in the nation in 2022. Our employment base continues adding jobs, and new companies continue to move to the region. Phoenix’s underlying multifamily demand fundamentals are among the best in the U.S.”
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.
“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.”
Arcadia Cove is Blue Lake Capital’s first acquisition in Phoenix. The company is a private equity real estate firm focused on buying and managing multifamily assets across the U.S. Blue Lake partners with high-net-worth individuals and family offices and is open to partnering with national and global institutions.
