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3/25/14
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BH Properties has purchased Papago Crossing apartments, a 180-unit apartment complex in Phoenix, for $8.1 mil ($45k/unit). Papago Crossing, which is located at 4530 E. McDowell Rd, at the terminus of the 143 Expwy, by Loop 202, marks the ninth multifamily property in Arizona that BH Properties has acquired in the last 24 months.
The complex offers convenient access to Sky Harbor Airport and many public transit options. Amenities include pool with sundeck, BBQ and picnic areas, private patios or balconies, a covered play area and more.
The move further advances the firm’s investment strategy in the region. “The acquisition of Papago Crossing is consistent with our overall investment objectives for the region,” said Steve Jaffe, executive vice president and general counsel for BH Properties. “While the bulk of our investment strategy in Phoenix has been in multifamily, we’re branching out and looking at more opportunities in retail and industrial markets; in fact we just recently completed sizeable retail transactions in the area as well.”
The firm has just completed its fourth retail transaction in Arizona, including Ross Plaza in North Phoenix and Gilbert Town Center, a Class A retail center in the affluent Phoenix submarket of Gilbert, Ariz.
The all-cash transaction was brokered by Tyler Andersen, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix.
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