P.B. Bell, Stonecutter Purchase $168.5M Phoenix M-F Portfolio
- Aug 03, 2014
P.B. Bell of Scottsdale and Stonecutter of New York City have completed the acquisition of a $168.5 million portfolio of seven multi-family properties comprising 2,759 units from Standard Phoenix Fund. The transaction is Phoenix’s largest multi-family deal so far this year.
Cindy Cooke, a senior executive vice president at Colliers International, and Brad Cooke, a Colliers vice represented the seller. “It was P.B. Bell’s in-depth knowledge of the assets and the submarkets that helped separate them from the other buyers,” Cindy Cooke commented in a statement. “We were impressed with their upfront due diligence and ability to transfer their local knowledge to their New York equity partner. They executed the transaction smoothly and even removed contingencies a day early.”
The Cooke team arranged the sale of the assets in 2007, when the seven properties traded as part of a 12-property, $427.5 million portfolio.
The properties are:
- Alante at the Islands: 2222 N. McQueen Road, Chandler; Class A, 320 units, built in 1996
- Crosswinds: 868 S. Arizona Ave., Chandler, Class B, 374 units, built in 1985
- Laguna Village: 102 W. Palomino Drive, Chandler, Class B, 460 units, built in 1985, 364,440 SF
- Tuscany Palms: 901 S. Country Club Drive, Mesa, Class B, 582 units, built in 1986
- Whispering Meadows: 1050 S. Longmore St., Mesa, Class B, 432 units, built in 1979
- Sienna Springs: 5128 N. 15th St., Phoenix, Class B, 395 units, built in 1973
- Tela Verde: 5020 W. Thunderbird Road, Glendale, Class B, 196 units, built in 1984
Five of the properties are located in the Southeast Valley submarket, one is in the Camelback Corridor and one is across from Arizona State University’s West Campus.
“The properties’ strong locations with stable occupancy of 96% set it up for a perfect position for upgrading the interiors and improving the exterior,” Brad Cooke said in a statement. “P.B. Bell intends to use the transaction as a springboard to acquire more products. This portfolio of seven properties represented exactly that.”
Image Courtesy of Colliers International, Cooke Multi-Family Investments