PHOENIX, ARIZONA – NexMetro Communities partnered with MEB Management Services in 2014 to manage the lease-up and stabilized operations of their Avilla Homes Arizona portfolio. NexMetro recently sold three Arizona communities for $98 million.

Avilla Grace in Chandler, Arizona, a 194-home neighborhood, sold for $45 million; Avilla Heights, also in Chandler, a 116-home neighborhood, sold for $27.84 million; and Avilla Palm Valley in Goodyear, Arizona, a 125-home neighborhood, sold for $25.1 million.

“We are thrilled to be a part of NexMetro’s success with the innovative approach to rental housing,” said Melanie Morrison, Principal at MEB Management Services.

Transaction details:

• Avilla Palm Valley: 4200 N. Falcon Dr., Goodyear; closed June 13; 125 homes, $200,800/door; buyer, New York-based RN Falcon, LLC.
• Avilla Heights: 255 E. Chandler Heights Rd., Chandler; closed June 25; 116 homes; $240,000/door; buyer, single purpose entity formed by California-based The Certe Group.
• Avilla Grace: 2121 N. Grace Blvd., Chandler; closed June 28; 194 homes, $232,000/door; buyer, entity of Illinois-based The Inland Real Estate Group of Companies, Inc.

NexMetro and its affiliated companies have been developing Avilla Homes neighborhoods with great success since 2010. These specialized Class A homes incorporate the perfect blend of a single-family feel with multi-family functionality.

With more than 4,000 homes completed, under construction, or in due diligence, NexMetro’s roots are in Arizona but the company is growing quickly with expansion planned along the entire Sunbelt region of the U.S.

Art Wadlund, Clint Wadlund, Rick Holway and Mark Forrester of Berkadia brokered the deal.

Recent promotions, new hires highlight firm’s commitment to diversity

PHOENIX, AZ – MEB Management Services has strengthened its commitment to a diverse workforce by promoting four women and hiring one each in two offices as it continues to bolster its footprint in the Southwest.

The growth and promotions come as the Phoenix firm, which provides management services to all types and qualities of multi-family assets, celebrates its 20^th anniversary.

The promotions:

     >> Ann Boomsma, CPM, promoted to Vice President, Phoenix: Boomsma has been with MEB since 2000. As one of its newly promoted Vice Presidents, she is accountable for all management, operational, and financial aspects for more than $300 million in multi-family assets in Texas and Arizona. Boomsma, who also assists with new business development and training, has been in the property management industry for more than 20 years.

A graduate from the University of Wisconsin-Madison with a degree in business/marketing, she holds an Arizona real estate license and is a Certified Property Manager through the Institute of Real Estate Management (IREM). Boomsma recently completed the Arizona Lyceum Leadership course through the Arizona Multi-housing Association (AMA).

Boomsma has served on numerous AMA committees, partnering with UMOM. She has also served as a board member for the Thomas J. Pappas School for Homeless Youth. Boomsma is a two-time winner of the AMA’s Tribute Award. In 2006 she was Volunteer of the Year and in 2012 she was Regional Property Supervisor of the Year.

>> Luz Bruscini, CPM, ARM, promoted to Vice President, Tucson: Bruscini has been with MEB since 2006 and manages all asset classes including student housing and value-add properties. She will directly oversee MEB operations in New Mexico and assist with Tucson operations.

Bruscini holds an Arizona broker’s license and is a Certified Property Manager through the Institute of Real Estate Management (IREM). Bruscini completed the Arizona Lyceum Leadership course through the Arizona Multi-housing Association (AMA).

Bruscini is accountable for all management, operational, and financial aspects for more than $300 million in multi-family assets in New Mexico and Arizona.  She also assists with new business development and training for MEB. Bruscini has been in the property management industry for more than 20 years.

She has served on numerous AMA committees, has served as the IREM Tucson-Southern Arizona Chapter president and currently serves on the board. Bruscini is active in the Tucson community and supports Our Family Services and the town of Kino, Mexico.

  >> Debbie Holder, promoted to Senior Asset Director, Phoenix: Holder has been with MEB since 2004. She has more than 20 years of experience in the property management industry. She was the catalyst in creating value and leading to the largest multi-family real estate transaction in Arizona.

The Bethany Group’s acquisition of Bascom Arizona Ventures’ 12-apartment property portfolio was the largest multifamily sale in Arizona history in price and number of units. At $427.5 million and more than 5,000 units, the per-unit price was about $82,500 for primarily class B properties located in Metro Phoenix. Holder oversaw the operations, renovations, and lease-up. Her managerial expertise was the critical factor in realizing this historical transaction.

Holder volunteers her time and gives back to the community with Save the Family, an organization dedicated to helping women and children.

>> Lori Gillespie, promoted to Director and Business Controller, Tucson: Gillespie, who has been with MEB for 12 years, was promoted from Executive Assistant. She will supervise Tucson corporate administrators and front office, accounts payable department, and payroll department. She will also oversee incident reports and legal issues.

Gillespie is a native of Albuquerque and grew up in Tucson. She is actively involved with AMA and IREM. She volunteers with Tucson Big Hearts, Our Family Services, and the Julie Hurst Scholarship Fund.

“These promotions and hires are a testament to the culture of diversity and inclusiveness at MEB,” said Mark Schilling, Senior Vice President of Operations and Principal of MEB Management Services. “As we celebrate our 20th anniversary we also celebrate, and are proud of, our growth in Arizona and in the Southwest.”

The new hires:

      >> Kelley Lee, Asset Director, Albuquerque: Lee has served in many leadership roles in the multi-housing industry since 2006. She oversees the repositioning of assets; managing private and public housing including senior housing; and working with an array of governmental subsidized programs such as HUD, USDA, and Low-Income Housing Tax Credit (LIHTC).

Lee is a native of Alamogordo, N.M., and resides in Albuquerque. She holds a Masters degree in organizational management. She will provide oversight of all aspects of operations of more than 1,200 units. She joins MEB after serving as Program Manager for the Bernalillo County Behavior Health Department for the past two years. She also possesses 20 years of property management experience.

     >> Leslie Stephens, Asset Director, Tucson: Stephens started her career in 1991 in regional oversight of multi-family and commercial projects. She has served a CEO, a vice president of marketing, and an asset manager working with third party, ownership, and fund management operations.

Stephens is a licensed Real Estate Broker in Arizona and a member of the AMA. She has served on the board and is a member of IREM and a Certified Property Manager (CPM) candidate. She has served on several AMA committees, chaired the membership committee, and taught the marketing section of the CAM class in Las Vegas, Nevada, in the early 90s.

She previously was Assistant VP of asset management at PRG Real Estate and oversaw its Western Region portfolio. She also worked for Prime Group in Los Angeles, where she was responsible for more than 2,200 units. Stephens also served as a district manager for the commercial division of Nicolosi & Fitch in Tucson and as an asset manager at Sun America in Los Angeles.

Stephens is a native of Mobile, Alabama, and was raised in Oklahoma and Texas.

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.