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.