Phoenix Property Commands $17M

The buyer received $11.2 million in acquisition financing from Bank of America for the 114-unit asset.
Bloom 24. Image courtesy of Marcus & Millichap

Highline Property Group has acquired Bloom 24, a 114-unit property in Phoenix, Ariz. Sheiner Group sold the four-building community after nearly six years of ownership, for $17.2 million, which equates to $150,438 per unit. The acquisition was funded with an $11.2 million loan provided by Bank of America, according to Yardi Matrix. Institutional Property Advisors of Marcus & Millichap represented the seller and procured the buyer in the deal.

Bloom 24 sits on 4.2 acres at 2323 E. Flower St., near Freeway 51, within 6 miles of downtown Phoenix and less than 5 miles from Phoenix Sky Harbor International Airport. The property is also close to several retailers including Shops at Town & Country, Baltimore Fashion Park, and employers, such as Cisco Systems, Zenreach, Humana, Fennemore Craig PC and Northern Trust.

Constructed in 1973 and fully refurbished in 2015, the community comprises a mix of one- and two-bedroom apartments featuring stainless-steel appliances, designer cabinetry, new countertops and oversized windows. Property amenities include tennis, volleyball and basketball court, swimming pool, spa and parking spaces.

Marcus & Millichap’s Senior Director Cliff David and Senior Managing Director Steve Gebing arranged the transaction. In July, the duo also brokered the sale of a 101-unit senior housing community in Scottsdale, Ariz.