BH Properties Acquires 205 Condo Units of Arizona Multifamily Complex for $5.6 Million
Torrance, CA – June 7, 2013 – (RealEstateRama) — Coming on the heels of its recent multifamily purchase of the Terrace Park Apartments in Phoenix, BH Properties, LLC, a Los Angeles-based commercial real estate investment firm, has purchased the 205 units at the Avalon Hills Condominiums for $5.6 million.
“Phoenix has always been a strong area of growth for us,” said Steve Jaffe, executive vice president of BH Properties “We’re constantly looking to close more transactions like this one where we can add value to well-located properties. The 205 units at Avalon Hills will further strengthen our growing multifamily portfolio in Arizona, which we plan to double the size over the next 24 months with condominium purchases representing a significant portion. 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.”
The property was built in 1986 in the resort style condominium community in 20, 2-story buildings on 14.47 acres. Amenities for the gated property include landscaped grounds, heated swimming pool and spa, on-site fitness center, covered parking and laundry facilities. Located at 3535 West Tierra Buena Lane, the property is in close proximity to the I-17 Employment Corridor.
BH Properties was represented by Bill Hahn of Colliers.
About BH Properties
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 17 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
