PHOENIX (March 12, 2015) – The P.B. Bell Companies, a leader in multifamily real estate development and management, has acquired The Boulevard, a 294-unit apartment community in north Phoenix.
P.B. Bell purchased the luxury apartment community, located near Bell Road and 7th Street, from Franktown, Colorado-based Slavin Residential for $33.5 million. CBRE Phoenix agents Sean Cunningham and Tyler Anderson brokered the transaction. Jim Pierson and Keaton Merrell of Legacy Capital Advisors, LLC arranged a $26.8 million, non-recourse acquisition loan with Freddie Mac.
“We are very excited to get this financing in place,” Pierson said. “It is a great loan for P.B. Bell and the excellent loan terms will help the buyer effectuate their business plan at The Boulevard.”
P.B. Bell plans to invest about $2 million in improvements to the property, which was built in 1994, updating both interior living areas and exterior common areas. The clubhouse, pool area, leasing office and outdoor common areas will all see enhancements, as will cabinets, lighting, flooring and countertops for the individual apartment homes.
“The Boulevard represents an exciting opportunity for P.B. Bell to acquire a quality property in a great location,” R. Chapin Bell, P.B. Bell president, said. “With our approach, we’re confident we can optimize operational performance for our partners and our team.”
Phil Lake, P.B. Bell director of acquisitions, was responsible for spearheading the overall acquisition of the property, which features seven spacious floor plans and is located in a residential area that is near shopping, restaurants and quality schools. Residents enjoy the proximity to both entertainment and retail, and easy access to an abundance of outdoor hiking trails. The pet-friendly community features play areas, elevated ceilings and wood burning fireplaces, a pool, a spa and a fitness center.
“We were attracted to The Boulevard, in part, because we knew we could positively impact the physical attributes of the property by way of upgrades and improvements,” Lake said. “By updating the property, we’re also investing in the greater community.”
P.B. Bell is actively seeking new acquisition opportunities in the Phoenix area. Call Lake directly at 480-951-2222 for more information.
About The P.B. Bell Companies
The P.B. Bell Companies manages more than 9,000 apartment homes, and has developed nearly 5,000 apartment units in 27 communities, many of which are award winning. Founded by Philip Bell in 1976, the P.B. Bell Companies includes P.B. Bell Asset Management, Inc. and MT Builders, which provides general contracting, construction management, and design-build services for multi-family and senior living communities, retail centers, churches, schools, and office/industrial buildings.
For more information, visit www.pbbell.com or call 480.951.2222.