Priderock Capital Garners $130M for Phoenix Multifamily Community

Arcadia Cove, a 432-unit multifamily community in Phoenix, was acquired by Blue Rock Capital for a sales price of $ 130 million. The seller, Priderock Capital Partners, paid $98.5 million for the property in late 2020. A CBRE team led by Asher Gunter, who represented the seller, was not surprised by the stepped-up value, “Investors are still attracted to the strong demand drivers in Phoenix and this transaction is a testament to the region’s resilient economic appeal.” The property is near 44th and Thomas.

The Arcadia Cove community, built in 1996, features a 24-hour fitness center, a resort-style swimming pool and spa area and a newly renovated resident clubhouse with a billiards table. Select updated unit interiors feature wood-style flooring, granite countertops, energy-efficient stainless steel appliances, a fireplace and a full-size washer and dryer in the unit.

Metro Phoenix posted over 6,500 units of multifamily absorption through the first half of 2023, the top-performing absorption total of all U.S. metros year-to-date, according to CBRE research.