P.B. Bell Hones Management Skills in Phoenix and Scottsdale
- Aug 14, 2015
By Liviu Oltean, Associate Editor
P.B. Bell Cos.’s reach in the East Valley is about to increase as four new multifamily properties in the region have entered the firm’s management portfolio.
Two of the communities are currently under construction. Aura on Broadway is a 187-unit community located at 1245 E. Broadway Road in Tempe, near Arizona State University. The owner, CNL Growth Properties , teamed up with Trinsic Residential Group to develop the property. The second community, called The Standard, is located at 6833 East Main Street in South Scottsdale and encompasses a 134 apartment units.
The third multifamily asset to join the firm’s portfolio is Olive East. Situated within the Heritage District in Gilbert, the community features 120 units. Its owner, Curtis Capital Group of Bellevue, WA, closed on the asset for $12 million earlier this year.
The last community to be added in P.B. Bell Cos.’ collection is Morningside at Scottsdale Ranch in North Scottsdale. The apartment complex is owned by Wood River Properties of Santa Monica, Calif., which acquired the asset for $28 million.
“Our goal is to maximize the resident experience at every apartment community we manage, and we’re looking forward to leading the team of experienced professionals that extends P.B. Bell’s brand,” Debbie Willis, P.B. Bell’s president & designated broker of property services, said in a prepared statement.
Image Courtesy of Yardi Matrix