Sale price garners $165,509 per unit at multifamily property in Arcadia area

PHOENIX, AZ – Bascom Arizona Ventures (Bascom Group) completed the $71.5 million sale of Arcadia Cove Apartments in Phoenix, commanding $165,509 per unit.

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

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,” said Mark Schilling, Senior Vice President of Operations and Principal of MEB Management Services. “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. Bascom was represented by Cindy and Brad Cooke of Colliers International.

Tucson Association of Realtors (TAR) released stats for June this week. The Average Sales Price of $238,245 is a slight decrease of 0.83% from last month’s number of $240,249 in June.

The Average Selling Price compared to one year ago is still up by 1.49% from $234,752 to $238,245. While the Median Sales Price increased to $200,000 from $195,000 last month and increased 5.26% from last year.

Total sales volume of $399 million increased 3.36% from May’s number ($386 million) and is up 3.78% from June 2016.

Unit sales month-over-month shows 1,675 homes sold in June compared to 1,607 in May, an increase of 4.23% and up 2.26% from June 2016 (1,638 home sales).

Total Pending Home Sales in the pipeline shows even more optimism, with 2,230 listing under contract at the end of June.

The highest activity continues to be in the Northwest area this month with 447 homes sold this month and 2,315 homes year-to-date, followed by the Central submarket with 233 homes sold and 1,161 homes year-to-date

Highlights from TAR’s Residential Sales Report:

• New Listings increased slightly this month by 0.64% and by 6.83% from 2016.
• Total Active Listings of 3,625 is an increase of 1% from last month.
• Average Days on Market of 44 is a decrease from 46 last month.
• Conventional loan sales of 43% exceeded Cash Sales of 23.6%

Refer to full June sales report for graphs and additional information at:

Full Tucson MLS sales report: statsjune2017

Tucson Rental statistics: statsrentjune2017

View TAR’s numbers at a glance infographic: June Infographic

TEMPE, Arizona – Fidelity National Title Agency, a national leader in title insurance and real estate services, has hired Mary Schroeder as a Sales Executive.

Schroeder will be responsible for building new relationships within the real estate community with a particular focus on Central Phoenix and the Southeast Valley.

Schroeder brings her extensive experience in big-business sales into individualized consulting to help local real estate agents find additional opportunities for success.

“Mary possesses an incredibly comprehensive skill set built over her 20 years in B2B sales,” said Sharon Terhune, Vice President and Residential Sales Manager at Fidelity National Title Agency. “Her professional demeanor and can-do attitude make her a refreshing addition to our team. We’re excited to see the growth she can bring to Fidelity.”

Schroeder graduated from Sacramento State University, earning a degree in business administration with a concentration in marketing. She is active with the Assistance League of Phoenix.

Her past experience is in sales, most recently office supplies at Claridge Products. She was the top sales person at Claridge for four years (2013-2016). Schroder also worked at Scottsdale-based Esselte Corporation and Landiscor Aerial Information.

Schroeder was born and raised in Santa Rosa, Calif. She and her husband Tom have two sons, ages 18 and 17. In her free time she enjoys painting, refinishing furniture, hiking, skiing, and spending time with her family and friends.