BH Properties Acquires 280-Unit Multifamily Property in Arizona for $7.25 Million

Aug. 1, 2012 - PRLog -- BH Properties LLC, a Los Angeles-based commercial real estate investment firm, has acquired Smoke Tree Apartments, a 280-unit multifamily property in Phoenix, Ariz. for approximately $7.25 million. The 280-unit multifamily property is the company’s seventh apartment acquisition in the Phoenix area in the past two years.

“We see Phoenix as a strong growth area for us,” said Andrew Van Tuyle, director of acquisitions at BH Properties. “This property is well located with strong upside potential and will complement our growing multifamily portfolio in Arizona. In fact, we are looking to double the size of our Arizona portfolio over the next 12 months.”

Built in 1975, Smoke Tree Apartments is located at 3161 W Cheryl Dr., just west of the Metrocenter Mall, which is just outside the  master metered property consists of 15 buildings on over 10 acres, and includes a spacious clubhouse, two pools, covered parking, a recreation room and fitness center. Smoke Tree Apartments is centrally located and walking distance to over 2.3 million square feet of the restaurants and shops in and around the Metro Center Mall. The property was approximately 87 percent leased at the time of sale.

“Smoke Tree Apartments is a great addition to our portfolio,” said Steven Jaffe, executive vice president. “We plan to utilize our expertise in repositioning and maximizing property values in the multifamily market to renovate and stabilize this asset.”  

BH Properties purchased the property from Smoketree Weiner, LLC, represented by Jack Hannum and Bret Zinn of Transwestern.