Vizzda – June 18, 2013 – The Arcadia Cove Apartments sold on Friday for $40.725m or $94,271 per door with $700k down per affidavit and $35.0m new debt with HSBC Bank. The seller entity was a joint venture between JP Morgan Investments and BRE Properties and the buyer was The Bascom Group. Constance B Moore, president of BRE Properties, and Glenn R Daiutolo, vice president with The Bascom Group, closed the deal.
The Arcadia Cove Apartments is a 432 unit two and three-story apartment complex of twenty-seven buildings built in 1995 on 17.94 acres zoned R-3A. It is located north of the northwest corner of 44th Street and McDowell Road at 2252 N 44th St in Phoenix. The apartments total approximately 380,600 ft2 in a mix of 1, 2 and 3 bedroom units.
BRE Properties acquired the apartment complex from Picerne Development on September 18, 1996 for $22,180,099 or $51,342 per door with $22.5m down per affidavit and no debt. On July 11, 2007 BRE Properties sold the apartments for $44.2m to the current selling entity. BRE Properties’ third quarter 2007 SEC filing reveals that they had sold the apartments to a joint venture with JP Morgan Investments in which they [BRE Properties, Inc] had retained a 15% stake in the apartments and were to manage the property; the apartments had been valued at $52m at that time.
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