Colliers International announced that BH Properties of Los Angeles recently purchased 205 units within the 348-unit Avalon Hills Condominiums, 3535 W. Tierra Buena Lane in Phoenix for $5.6M, or $27,317 per unit.
The seller was Michael Carmel, in his capacity as Trustee.
Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily team represented both the buyer and seller in this transaction.
“Avalon Hills represents a great investment opportunity as a bulk sale of condominiums at a price far below the previous retail values of individual units,” said Bill Hahn, senior vice president with Colliers in Greater Phoenix.
Hahn said that BH Properties was particularly interested in the upside potential for increases in the property’s value through property improvements. Current plans call for BH Properties to hold Avalon Hills as an investment.
Avalon Hills is a 2-story community originally built as apartments in 1986 and subsequently converted to condominiums. The 205 units sold consist of 87 one-bedroom and 118 two-bedroom units, ranging in size from 470 SF to 828 SF.
Hahn, Sherman and Koskovich specialize in the sale of multi-family investment real estate in the Southwest. Colliers HSK Multifamily is positioned within the marketplace as a service-intensive operation serving the private and institutional capital markets.