PHOENIX — A partnership between Domain Acquisitions and BH Equities has acquired the 672-unit Autumn Ridge Apartments in North Phoenix. The Class B community is located at 1944 W. Thunderbird Road.
The garden-style complex sits adjacent to Cave Creek Golf Course. It is located between Deer Valley’s employment center and the North I-17 employment corridor, Phoenix’s second-largest employment area.
This acquisition marks Domain’s re-entry into the Phoenix market since selling its local portfolio in 2006.
BH Management Services will oversee the Autumn Ridge’s property management and construction. The JV plans to spend about $5 million renovating the community.
The venture received $30.9 million in financing to acquire and renovate the asset. The loan was arranged by Laura Cathlina and Andy Hill of Berkadia Commercial Mortgage.
The seller was Summit Autumn Ridge LLC. The transaction was executed by Cindy and Brad Cooke of Colliers International.