P.B. Bell, a leader in multi-family housing development, management and acquisitions, has acquired the Siena apartment community in Phoenix in a joint venture purchase with New York City-based Stonecutter Capital Management LLC.
P.B. Bell and Stonecutter Capital Management purchased the 352-unit community from Siena Baseline Partners LLC for just over $31 million. Cindy and Brad Cooke of Colliers International in Phoenix brokered the deal. Chicago-based NXT Capital LLC financed the sale. Prior to the sale, P.B. Bell managed the community.
“Siena presented an excellent acquisition opportunity for P.B. Bell, one that offered all the hallmarks of a community where we would like to have an influence.” Philip Lake, P.B. Bell’s director of acquisitions, said. “Siena has a lot of potential, and we look forward to upgrading the property for our residents.”
P.B. Bell will begin a $2.68 million renovation of the property soon.
The community, located at 4520 E. Baseline Road in Phoenix, was built in 1986. It is close to nightlife, shopping and dining, schools and has easy access to both the I-10 and U.S. 60 freeways. Siena offers one, two and three-bedroom floor plans, ranging in size from 444 square feet to 1,070 square feet.
P.B. Bell previously partnered with Stonecutter Capital Management in August 2014 on a $169.5 million transaction that bundled 2,759 apartment units across seven communities. Several of the properties within that portfolio have since undergone millions of dollars worth of improvements, from landscaping and roofing upgrades to clubhouse and fitness center remodels.