Picerne Group Sells Phoenix Apartments for $36M

City National Bank provided nearly $25 million of acquisition financing for the 192-unit community.
Pacific Bay Club

Picerne Real Estate Group has sold Pacific Bay Club in Phoenix for $35.7 million, public records show. Logan Capital Advisors acquired the 192-unit community and received $24.7 million in acquisition financing from City National Bank.     

Located at 11221 S. 51st St. alongside Interstate 10, the property is approximately 1 mile from the West Elliot Road retail corridor, home to a Walmart Supercenter and Costco in addition to several other big-box retailers. The community is also less than 2 miles from a variety of hiking trails within South Mountain Park. The gated community is 8 miles from Phoenix Sky Harbor International Airport and some 13 miles from downtown.  

The garden-style asset was completed in 1988 on a 6.8-acre site and includes one- and two-bedroom apartments ranging from 600 to 1,050 square feet in 10 two- and three-story buildings. Common-area amenities include a fitness center, clubhouse, media room and pool.

At the beginning of the year, Picerne sold the newly built Oasis at Sarasota for $70 million, according to Yardi Matrix. The seller developed the 324-unit South Florida community in partnership with Equity Resources.