NorthMarq sells 214-unit Bellum Manor for $19.8M
Bellum Manor, a multifamily housing community located near the I-17 freeway and Thomas Avenue in Phoenix, Arizona, sold on November 19th, 2019 for $19,800,000. NorthMarq arranged the sale and financing for the property.
The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction. Bobby Weinberg, senior vice president of the NorthMarq Dallas capital markets team arranged the debt and equity for the buyer. The bridge loan was structured with a 3-year term on a 30-year amortization schedule.
Built in 1973, the 214-unit apartment features resort style swimming pools, children’s playground, and on-site basketball court.
BCH 3001 LP, an entity formed by Turnstone Capital, Inc. of Gardena, CA was the buyer. Turnstone Capital is a real estate investment firm, specializing in distressed and value-add assets. Their primary goal is to maximize returns for their investors while keeping risks at minimum.
“Bellum Manor’s dated interior and exterior finishes positions the buyer for revenue enhancing value-add improvements,” said Koskovich, President of NorthMarq Investment Sales. “The buyer plans to renovate interiors and increase rents and tenant desirability at the property.”
Maesag Properties LLC, an entity formed by Shon Brown of Phoenix, Arizona, was the seller.
Bellum Manor is located in the 1-17 corridor, which is within minutes to over 300,000 jobs and major employment sources including the Phoenix Warehouse District and the I-10 Industrial Corridor. Nearby manufacturing and warehousing employment generators include the Santa Fe Phoenix Industrial Park, Payne Industrial District, and the Airhaven Industrial District, which are located one mile northwest along Grand Avenue, also known as US Highway 60. In addition, Bellum Manor is minutes from Arizona State University-West Campus, University of Phoenix-West Campus, and Grand Canyon University.