July 31, 2020
San Diego-based Logan Capital Advisors acquired the Pacific Bay Club, a 192-unit multifamily community in Phoenix from Picerne Development for $35.7 million. Built in 1988, the garden-style community is located in Ahwatukee at 11221 S. 51st St.
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.
Logan Capital Advisors’ Paul Runkle says, “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.”
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller.
CBRE’s Cunningham says, “Pacific Bay Club is one of the last true value-add communities in a highly desirable submarket. Investors are drawn to Ahwatukee for the area’s upscale neighborhoods, strong demographics, and high barriers to entry that perpetually limit future competition.”
For comments, questions or concerns, please contact Dennis Kaiser