Blue Rock Capital has acquired Arcadia Cove, a 432-unit multifamily community in Phoenix, for $130 million. The property was previously purchased by Priderock Capital Partners for $98.5 million in late 2020. According to Asher Gunter of CBRE, who represented the seller, this increase in value is a testament to the strong demand drivers and resilient economic appeal of the Phoenix region that continues to attract investors.
Built in 1996 and located near 44th and Thomas streets, Arcadia Cove offers residents amenities such as a 24-hour fitness center, resort-style pool and spa area, and recently renovated resident clubhouse with billiards table. Some units have been updated with wood-style flooring, granite countertops,and energy-efficient stainless steel appliances as well as fireplaces and full-size washers/dryers.
According to CBRE research data from the first half of 2023,Metro Phoenix has seen over6 ,500 units absorbed,making itthe top-performing market for multifamily absorption among all U.S.metros so far this year.This recent transaction by Priderock Capital highlights their success at garnering high returns on investments within this thriving market.
