Acquisition marks BH Properties’ ninth multifamily property in Phoenix
Torrance, CA – July 22, 2013 – (RealEstateRama) — 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 acquired Vista Ventana, a 275-unit multifamily property at 3221 W. El Camino Drive.
“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.
Since January, BH Properties has been extremely active in the Southwest, including the recent acquisitions of the 205 condominium units at Avalon Hills and the 214-unit Terrance Park Apartments both in Phoenix. “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.
BH Properties was represented by Karl Abert and Brad Pickering of Newmark Grubb Knight Frank who also represented the seller, El Camino Vista, LLC.
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