Tag Archives: BH Properties

Gilbert Town Square

BH Properties Ends 2013 With Record Year Over 2012

BH Properties, LLC is reporting a banner year for the company with  $100M in transaction volume and $82M in acquisitions, a 57 percent increase over the previous year’s results.
“BH Properties had a very successful year in the purchase and sale of its properties across the nation,” said Steve Jaffe, executive vice president and general counsel of the company. “We are particularly excited about our Southwest ventures and what that will mean to our investment strategy in 2014.”
The company acquired properties in all of its major disciplines – multifamily, retail, office and industrial, and will continue to keep its “value-added” focus in its core markets like Arizona and California.  This past year also saw the firm move back into the Denver and Texas markets in acquisitions, closing two purchases, with additional purchases expected in 2014.
Some of 2013’s acquisition and disposition highlights include:

  • Gilbert Town Square: The $13.4 million late December purchase of the 159,000-square-foot Class A retail shopping center is situated within the highly affluent Phoenix submarket of Gilbert, Ariz.  Constructed in several stages from 2001-2004, the eight building asset has tasteful architectural nuances and strong curb appeal, indicative of the historical accents of the region.  Gilbert Town Square is anchored by Regal Theaters and is shadow anchored by Brunswick Bowling Lanes. The center’s prominent exposure along Gilbert Road has historically been a key to attracting national tenants such as Chipotle, Sport Clips and Pei Wei.
  • Richmond Office Property:  The $7 million sale, which was the first sale of the company’s assets in Virginia as a part of a more westward focus, involved an 181,000- square-foot office building sold to Shamin Hotels, which plans to reposition the asset as a flagged hotel.
  • Lake View Center:  The 106,345-square-foot Class A office property, consisting of two office buildings located in Ontario, Calif., was acquired for $13.8 million.
  • Terrace Park Apartments:  A 214-unit multifamily property, located in Phoenix, was acquired for $6.2 million.
  • Madera Court Apartments: The $9.6 million purchase, which was part of a portfolio sale, involved 286 units in Phoenix. This purchase marked BH Properties’ ninth multifamily property in Arizona in 24 months.
rsz_vista_ventana-1

BH Properties Acquires Vista Ventana For $10.2M

 

BH Properties, 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, acquired Vista Ventana, a 275-unit multi-family property at 3221 W. El Camino Dr. in Phoenix.

“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% 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,” Jaffe said.

BH Properties was represented by Karl Abert and Brad Pickering of Newmark Grubb Knight Frank, who also represented the seller, El Camino Vista, LLC.