Lee & Associates Brokers $21M Phoenix Transaction
- Nov 09, 2017
Braun Apartment Group of Lee & Associates Arizona brokered the sale of a 302-unit apartment community in Phoenix. The property was purchased by Bean Investment Real Estate for $21.3 million. The new owner intends to add value to the investment through a substantial renovation. The sale was subject to an acquisition and development loan in the amount of $24.5 million, originated by Walker & Dunlop, according to Yardi Matrix.
Biltmore Pointe Apartments is situated at 2802 E. Osborn Road. The property comprises 101 one-bedroom, 179 two-bedroom and 22 studio units, with sizes ranging from 475 to 1,000 square feet. The community, built in two phases in 1959 and 1972, was 65 percent leased upon closing. Creighton School District is located within eight minutes from the property. A Walmart Supercenter is five minutes away, on East Thomas Road, while several employment agencies are located within two miles, along the Camelback corridor.
Braun Apartment Group’s Principal Todd Braun, with Associate Bryson Frickle, and Multifamily Specialist Ryan Boyle, represented the seller in the transaction. “This acquisition offered the buyer an excellent value-add opportunity due to the property’s strong location. [Bean Investment Real Estate] intends to inject significant capital into the multifamily community with interior and exterior upgrades,” said Braun in a prepared statement.
Image courtesy of Lee & Associates
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