P.B. Bell Dives into Valley of the Sun
- Sep 04, 2015
Phoenix—A multifamily leader acquired a Phoenix community through a joint venture.
P.B. Bell, a front-runner in multifamily housing development, management and acquisitions teamed up with New York City-based Stonecutter Capital Management LLC to obtain the Siena apartment community.
P.B. Bell and Stonecutter Capital Management purchased the 352-unit community from Siena Baseline Partners LLC for more than $31 million. Cindy and Brad Cooke of Colliers International in Phoenix brokered the deal. Chicago-based NXT Capital LLC financed the sale. Before the sale, P.B. Bell managed the community.
“Siena presented an excellent acquisition opportunity for P.B. Bell, one that offered all the hallmarks of a community where we would like to have an influence.” Philip Lake, P.B. Bell’s director of acquisitions, said. “Siena has a lot of potential, and we look forward to upgrading the property for our residents.”
P.B. Bell will start a $2.68 million renovation of the property soon.
The community, situated at 4520 E. Baseline Road in Phoenix, was constructed in 1986. The property is nearby nightlife, shopping, dining, schools, and has easy access to both the I-10 and U.S. 60 freeways. Siena offers one-, two- and three-bedroom floorplans, varying in size from 444 square feet to 1,070 square feet.
P.B. Bell previously partnered with Stonecutter Capital Management in August 2014 on a $169.5 million transaction that bundled 2,759 apartments across seven communities. A few of the properties in that portfolio have undergone millions of dollars worth of improvements, from landscaping and roofing upgrades to clubhouse and fitness center remodels.
P.B. Bell is seeking new acquisition opportunities in the Phoenix area.