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December 19, 2018
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Baron Properties Pays $19.6 Mil for Phoenix Res Property


In a recent AZ multifamily buy, Baron Properties purchased Capella Place, a 150-unit apartment property in Phoenix, for $19.6 mil ($130.5k/unit). Built in two phases in 1971 and 1985, Capella Place is located at 1212 Bethany Home Rd, in the submarket of Camelback/Biltmore within the greater Phoenix metro area.

The asset was sold by LA-based Gelt Inc, who acquired the property in August 2012 for $9.3 mil ($62k/unit). Following its purchase of Capella Place, Gelt embarked on a strategic renovation and repositioning plan that encompassed a name change/rebranding (it was formerly known as Broadstone on Twelfth Apartments), repainting the entire exterior, adding a perimeter fence and security gate, installing a barbeque area and pergola, and renovating select units.

The garden-style, 18-building property is situated on 4.85 acres and includes 76 one-bedroom units, 67 two-bedroom units, six studio units, and one three-bedroom unit. Community amenities feature a 24-hour laundry facility, fully appointed clubhouse, pool and spa, fitness center, and communal barbeques.

Prominently located at the intersection of 12th St and Bethany Home Rd, Capella Place is within one mile of the Camelback Corridor, 7th Street’s restaurant row, and the AZ-51 freeway. It is within five miles of three of the Phoenix area’s largest employment centers with more than 240,000 jobs that include the Camelback Corridor, Midtown and Downtown corridors. Additionally, the largest concentration of hospitals and healthcare affiliates in Arizona is located in the area immediately surrounding Capella Place.

Tyler Anderson, Sean Cunningham, and Asher Gunter of CBRE represented both parties in the transaction.

“Gelt recognized a prime opportunity to add significant value to Capella Place by making strategic improvements and creating operational efficiencies,” said Keith Wasserman, partner with Gelt, who also attributed the firm’s success with the property to the low cap rate environment driven by low interest rates, as well as the property’s high-growth location.

The greater Phoenix market has experienced strong economic growth in recent years. In fact, Maricopa County, which exceeds 4.2 million people, had the highest population growth in the nation in 2016.

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