TEMPE, ARIZ. – Lee & Associates Arizona announced today that the Braun Apartment Group arranged the $21.3 million sale of Biltmore Pointe in Phoenix to Portland’s Bean Investment Real Estate (BIRE). The 302-unit property is located at 2802 E. Osborn Rd.

The Braun Apartment Group represented the seller, Biltmore Pointe Apartments, LLC., of Los Angeles.

“This acquisition offered the buyer an excellent value-add opportunity due to the property’s strong location,” said Todd Braun, principal. “[BIRE] intends to inject significant capital into the multi-family community with interior and exterior upgrades. I expect this to be a very different property in 12 to 18 months.”

Biltmore Pointe was built in 1959, was added to in 1972, and sits on 10.5-acres. The development features a mix of studios, and one and two bedrooms. The units are situated in 28 rental buildings and average 800-square-feet.

Biltmore Pointe was approximately 65 percent leased at the time of sale. The Braun Apartment Group is comprised of Todd Braun, principal; Bryson Fricke, associate; and Ryan Boyle, multi-family property specialist.

PHOENIX, AZ – A 49-unit multifamily complex at 4021-4025 N. 40th St., Phoenix, sold for $3,200,000 or $65,306 per door. The new owners of the Tidewood Apartments plan to modernize the 51-year-old property.

The Lee & Associates multifamily team of Bryson Fricke, Multifamily Properties and Todd Braun, Principal, represented the ownership, Campbell Lodging, Inc., Anaheim, CA. The buyer was KSA Equities, LLC, Beverly Hills, CA. The cap rate for the sale was in the high 5% range.

KSA Equities are planning extensive upgrades inside and out in an effort to better compete with other area properties. The complex will be renamed Tides at Arcadia. “KSA liked the strong value-add dynamics of Tidewood and all the improvements at the intersection of Indian School Rd. and 40th St.,” Fricke commented.

Built in 1965-1966, the property consists of 48 one-bedroom and 1 two bedroom units. The complex features two pools in a tropical setting. It is close to area shopping, bus lines and just minutes to Scottsdale.

For more information, Fricke should be reached at 602.912.3521 and Braun can be contacted at 602.474.9550.