By Jeffrey Steele, Contributing Writer
Phoenix—Los Angeles-based commercial real estate investment firm B.H. Properties LLC has purchased Terrace Park Apartments in Phoenix.
The announcement of the sale of the 214-unit rental community for $6.2 million was made May 6 by B.H. Properties, a company known for focusing primarily on troubled industrial, multifamily, office and retail assets in its core markets of California, Arizona, Nevada, Utah, Colorado, Texas and Oklahoma.
This is the eighth multifamily property B.H. Properties has acquired in Arizona in the past two years. In the acquisition, the company was represented by Marcus & Millichap’s Peter Katz.
“The plan is to run the property in accordance with other B.H.-owned properties in Phoenix,” says Steve Jaffe, executive vice president and general counsel of the 16-year-old B.H. Properties. “We can take advantage of economies of scale by cross marketing, sharing staff and promoting properties to new visitors, namely with Sunpointe, which is in close proximity at the intersection of McDowell and 71st Ave.”
The nearly 30-year-old Terrace Park Apartments, situated at 8130 W. Indian School Rd., features freshly remodeled one- and two-bedroom apartment homes. Amenities of the community include two outdoor pools, a new clubhouse and playground, carport parking, storage space, high-speed Internet and in-unit washers and dryers in all two-bedroom, two-bath apartments. Convenience is a selling point of Terrace Park Apartments, which is located near the I-10 and Loop 101 and Desert Sky Mall. It is also within two miles of local area schools.
B.H. Properties is aggressively seeking other, related acquisition targets. “As an adjunct to the growth of our multifamily portfolio like Terrace Park, we are actively looking [for] opportunities in the condominium market,” he says. “[It is] a natural outgrowth of our presence in the region.”