BH Properties LLC, a Los Angeles-based commercial real estate investment firm that has a penchant for working through difficult transactions, time-sensitive closing factors and an expertise in repositioning real estate, has added Vista Ventana, a 275-unit multifamily property at 3221 W. El Camino Drive in Phoenix for $10.3 million ($37,364 per unit) to its Phoenix portfolio.
Coming on the heels of its recent multifamily purchase of the 214-unit community Terrace Park Apartments in Phoenix for $6.2 million, and the 205-units at the Avalon Hills Condominiums for $5.6 million, all purchased this year.
BH Properties, founded in 1997, is a Los Angeles-based commercial real estate investment company that focuses primarily on troubled assets in the industrial, multi-family, office and retail markets. With regional offices in Dallas and Salt Lake City, BH Properties has developed its own distinctive acquisition strategies in 18 states and become one of the repositioning experts in its core markets including California, Arizona, Nevada, Utah, Colorado, Texas, and Oklahoma.
“With two of our other Phoenix properties, Smoke Tree and Biltmore, nearby, we plan to manage Vista Ventana to take advantage of the economies of scale that we can achieve by cross-marketing, sharing staff and promoting properties to new visitors,” said Executive Vice President of BH Properties Steve Jaffe.
“This acquisition perfectly fits into what BH Properties is looking to accomplish in the Southwest. We expect to add two more apartment complexes by the end of 2013.”
According to Jaffe, the seller had made a significant amount of improvements including interior upgrades, exterior painting and a roof renovation while also increasing occupancy to 90 percent prior to closing.
“This stable asset mirrors most of our Phoenix multi-family assets and should not require much in the way of improvements,” he said.
“This well maintained asset is a solid, long term type hold for us. We continue to view the Arizona B and C class apartments market as full of opportunity – despite the recent uptick in pricing. We hope our high level of activity will keep us at the top of all sellers’ lists,” said Jaffe. “Our focus in the Arizona multifamily market will continue as we also look to add industrial, retail and office to our Phoenix portfolio. There’s no question that the Phoenix MSA is undergoing a more dynamic level of growth fueled by many factors, primarily due to the quality of life, pro-business nature of the market, and the availability of capital,” according to Jaffe.
Karl Abert and Brad Pickering of Newmark Grubb Knight Frank represented the investor and the seller, El Camino Vista, LLC.
Jaffe at BH Properties should be contacted at (310) 820-8888. Abert can be reached (602) 952.3888 and Pickering is at (602) 332.3900.