WASHINGTON, D.C. – May 7, 2013 – (RealEstateRama) — B.H. Properties LLC, a Los Angeles-based commercial real estate investment firm, has purchased the 214-unit Terrace Park Apartments for $6.2 million.
“The plan is to run the property in accordance with other BH-owned properties in Phoenix,” said Steve Jaffe, executive vice president and general counsel at BH Properties. “We can take advantage of economies of scale by cross-marketing, sharing staff and promoting properties to new visitors, namely > with Sunpointe which is in close proximity at the intersection of McDowell and 71st Avenue.” This acquisition gives BH Properties its 8th multifamily property in Arizona in the past 24 months.
Located at 8130 W. Indian School Road, the 214-unit property was built in 1984 and is currently 94 percent leased. The complex offers newly remodeled one- and two-bedroom apartment homes with a clubhouse and playground, carport parking and two outdoor pools. Terrace Park Apartments is located near the I-10 and the Loop 101, Desert Sky Mall and two miles from local area schools.
“As an adjunct to the growth of our multi-family portfolio like Terrace Park, we are actively looking opportunities in the condominium market, a natural outgrowth of our presence in the region,” said Jaffe.
BH Properties was represented by Peter Katz of Marcus & Millichap.
BH Properties plans to further expand its presence in Arizona. Please contact Steve Gozini at 310-820-8888 ext. 106 for further information.
About BH Properties, LLC:
Founded in 1997, BH Properties 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. For more information, please call (310) 820-8888 or visit www.bhproperties.com