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CBRE Facilitates $130.5M Sale Of Arcadia Cove Multifamily In Phoenix

Property Image
SOLD
$130,500,000
Sean Cunningham
Asher Gunter
Matt Pesch
+ 1

Arizona

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MultiFamily
Sold 09/13/2023
the dealplayerscompscontact
Property Image
SOLD

CBRE Facilitates $130.5M Sale Of Arcadia Cove Multifamily In Phoenix

2252 North 44th Street

See Similar Deals
MultiFamily
Sold 09/13/2023
Sean Cunningham
Asher Gunter
Matt Pesch
+ 1
the dealplayerscompscontact
Contact now

Summary

ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale

Arcadia Cove, a 432-unit multifamily community located at 2252 North 44th Street in Phoenix, Arizona, has been sold for $130.5 million. The property, represented by Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen from CBRE, was purchased by an undisclosed buyer.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $130,500,000
  • Units: 432
  • Price per Unit: $302,083
  • Address: 2252 North 44th Street, Phoenix, AZ
  • Market: Phoenix, AZ

CBRE facilitated the sale, with Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen representing the seller, Priderock Capital Partners. The successful transaction of Arcadia Cove showcases the expertise of the CBRE team in navigating the multifamily real estate market in Phoenix, Arizona.

Players

Matt Pesch
CBRE
Matt Pesch
15 deals$1.2B volume
BROKER
Sean Cunningham
CBRE
Sean Cunningham
13 deals$1.3B volume
BROKER
Asher Gunter
CBRE
Asher Gunter
14 deals$1.2B volume
BROKER
Austin Groen
CBRE
Austin Groen
13 deals$1.1B volume(602) 735-1706
BROKER
PP
Priderock Capital Partners
SELLER

Details

SOLD
IMAGE: Matt Pesch, Asher Gunter, Sean Cunningham & Austin Groen DATE: 09/13/2023 ADDRESS: 2252 North 44th Street MARKET: Phoenix, AZ ASSET TYPE: Multifamily SELLER: Priderock Capital Partners BROKERS: Asher Gunter, Austin Groen, Matt Pesch & Sean Cunningham - CBRE SALE PRICE: $130,500,000 UNITS: 432 ~ PPU: $302,083 NOTE: CBRE facilitated the sale of Arcadia Cove, a 432-unit multifamily community in Phoenix, with Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen from CBRE representing the seller, Priderock Capital Partners. The property was sold for $130.5 million.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$463,638.94
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