The P.B. Bell Companies, a multifamily real estate development and management company, has acquired The Boulevard, a 294-unit apartment community in north Phoenix.
P.B. Bell purchased the luxury apartment community, located near Bell Road and 7th Street, from Franktown, Colorado-based Slavin Residential for $33.5 million. CBRE Phoenix agents Sean Cunningham and Tyler Anderson brokered the transaction. Jim Pierson and Keaton Merrell of Legacy Capital Advisors, LLC arranged a $26.8 million, non-recourse acquisition loan with Freddie Mac.
“We are very excited to get this financing in place,” Pierson said. “It is a great loan for P.B. Bell and the excellent loan terms will help the buyer effectuate their business plan at The Boulevard.”
P.B. Bell plans to invest about $2 million in improvements to the property, which was built in 1994, updating both interior living areas and exterior common areas. The clubhouse, pool area, leasing office and outdoor common areas will all see enhancements, as will cabinets, lighting, flooring and countertops for the individual apartment homes.
“The Boulevard represents an exciting opportunity for P.B. Bell to acquire a quality property in a great location,” R. Chapin Bell, P.B. Bell president, said. “With our approach, we’re confident we can optimize operational performance for our partners and our team.”
Phil Lake, P.B. Bell director of acquisitions, was responsible for spearheading the overall acquisition of the property, which features seven spacious floor plans and is located in a residential area that is near shopping, restaurants and quality schools. Residents enjoy the proximity to both entertainment and retail, and easy access to an abundance of outdoor hiking trails. The pet-friendly community features play areas, elevated ceilings and wood burning fireplaces, a pool, a spa and a fitness center.
“We were attracted to The Boulevard, in part, because we knew we could positively impact the physical attributes of the property by way of upgrades and improvements,” Lake said. “By updating the property, we’re also investing in the greater community.”
