Source: The Bascom Group / #Apartments #Multifamily
PHOENIX, AZ - Bascom Arizona Ventures has acquired Arcadia Cove Apartments, a 432-unit luxury community located in Phoenix, AZ for an undisclosed price. Bascom Arizona Ventures worked with Brian Eisendrath and Brandon Smith of CBRE to arrange the financing for the purchase. Steve Gebing and Cliff David from Marcus & Millichap represented the buyer and seller on this transaction.
Built in 1996, the property consists of twenty-five two and three story buildings with two chlorine-free mineral swimming pools and two spas. Other amenities include a state-of-the-art 24-hour fitness center, controlled access gated entry, many common area Wi-Fi hot spots, barbecue grills, and detached garages. Arcadia is located in the prized Arcadia neighborhood in the heart of metropolitan Phoenix, at one of the busiest north/south thoroughfares.
Mark Brotherton, Portfolio Manager for Bascom Arizona, comments, "Arcadia is a prime candidate for property wide upgrades to capitalize on the recovering Phoenix multifamily market. We are excited about our newest acquisition and look forward to commencing our value add program as soon as possible. Arcadia Cove is our 10th acquisition that we have completed in the past 12 months in the state of Arizona."
Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, "Bascom will recapitalize the property with exterior and interior renovations which will equip Arcadia Cove with one of the best amenity packages in the submarket. We look forward to creating value for our new residents."
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies.