Bridge Investment Pays $70M for Phoenix Community

The seller of the 460-unit Class B asset purchased the apartments in mid-2014 as part of a nearly $170 million portfolio deal.
Laguna Village Apartment Homes

The P.B. Bell Cos. has sold the Laguna Village Apartment Homes, a 460-unit Class B community near Phoenix, for $70.3 million, according to Yardi Matrix. The buyer, Bridge Investment Group, financed the acquisition through a Fannie Mae line of credit from Wells Fargo Bank.

The asset last changed hands in July 2014, when Standard Fund sold the community to P.B. Bell as part of a $168.5 million portfolio transaction. The sale included more than 2,700 units, all in the Phoenix metro area.

Located at 102 W. Palomino Drive in Chandler, the community’s 31 two-story buildings are situated near Arizona Route 87, 20 miles southeast of downtown Phoenix. The asset is within 2 miles of several retail centers, and a public bus route operates in the immediate area, connecting residents with the wider metro area.

Laguna Village offers one- and two-bedroom apartments, with floorplans from 600 to 923 square feet. The property’s amenity mix includes three swimming pools, a playground, a fitness center and a clubhouse. The community was 94.8 percent occupied as of January, per Yardi Matrix data.

Nearly 20 miles east of Laguna Village, Atlantic Development & Investment traded an affordable community in January, for $22.5 million. The property sold through a 1031 tax-deferred exchange.

Image courtesy of Yardi Matrix