For the first time in its 50-year history, Scottsdale-based P.B. Bell will be run by someone from outside the Bell family.

The developer has named a new CEO as owner Chapin Bell takes a step back.

Justin Steltenpohl, who has served as general counsel and COO for the multifamily real estate company, will become CEO effective Jan. 1.

Bell will remain chairman of the company his father founded 50 years ago. In that role, he will continue to serve on the company’s investment committee and focus on mentoring the leadership team.

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