Bascom Arizona sells Arcadia Cove Apartments to Iowa buyer

Arcadia Cove Apartments at 2252 N. 44th St. in Phoenix. (Submitted Photo)

Bascom Arizona Ventures completed the $71.5 million — about $165,509 per unit — sale of Arcadia Cove Apartments in Phoenix.

Arcadia Cove, built in 1996, is at 2252 N. 44th St. and comprises 432 units. Bascom Arizona Ventures purchased the property in June 2013 for $40.725 million ($94,270 per unit), according to a press release.

Bascom made a substantial financial investment in renovations at Arcadia Cove. Exterior upgrades were performed on the pools and spas. Misters were added to the pool area, as were barbecue pits, outdoor television monitors and Wi-Fi connection.

Upgrades featured a fitness room, an Internet café and a clubhouse with iPads stations.

Interior upgrades included two-tone paint, new cabinetry, granite countertops, energy-saving stainless steel appliance packages, modern light fixtures, vinyl plank flooring, and ceilings fans. The amenities brought the community up to modern design.

MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Arcadia Cove is one of the multifamily projects for which MEB has provided property management.

“The management and leasing team at Arcadia Cove was outstanding,” Mark Schilling, senior vice president of operations and principal of MEB Management Services, said in a prepared statement. “Vice President of Operations Dalia Bureker and her team did a great job the past four years providing exemplary property management service.”

The buyer was BH Equities of Des Moines, Iowa. Cindy and Brad Cooke of Colliers International represented Bascom.

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