CBRE has arranged the sale of the 192-unit multifamily community Pacific Bay Club on behalf of Picerne Development to Logan Capital Advisors for $35.7 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented the seller, Picerne Development.
Built in 1988, Pacific Bay Club is a garden-style community located in Ahwatukee, an affluent suburb in Phoenix’s Southeast Valley. The seller completed common area renovations including a completely upgraded leasing center and clubhouse, a new barbeque rotunda with four stainless steel gas grills, and exterior LED lighting.
“Pacific Bay Club is one of the last true value-add communities in a highly desirable submarket,” said CBRE’s Cunningham. “Investors are drawn to Ahwatukee for the area’s upscale neighborhoods, strong demographics, and high barriers to entry that perpetually limit future competition.”
“Logan Capital Advisors made a strategic decision in 2016 to expand our operations to market rate multifamily, focusing on the high job growth markets of the Southwest U.S. Since then, we have acquired over $330 million of multifamily within the Inland Empire, Las Vegas and now Phoenix. Pacific Bay Club is our second acquisition in Phoenix during 2020 and it fits with our program of buying well-maintained and well-located multifamily for cash flow and long-term growth,” said Paul Runkle, Logan Capital Advisors partner and Director of Acquisitions.
Logan Capital Advisors (LCA) is a multifamily operating company with an affordable and market rate portfolio of over 3,900 units throughout California, Nevada, Colorado and Arizona. LCA is a minority owned business, which offers both in-house property management (Logan Property Management) and in-house construction management (Phase 3 Construction).