PHOENIX — The P.B. Bell Companies has acquired a seven-property multifamily portfolio in Phoenix for $168.5 million. The portfolio contains 2,759 units.
The transaction included Tela Verde in Glendale; Sienna Springs in Central Phoenix; Tuscany Palms and Whispering Meadows in Mesa; and Alante at the Islands, Crosswinds and Laguna Village in Chandler.
The firm plans to cosmetically upgrade the properties in the coming months. P.B. Bell also notes it has an “aggressive acquisition strategy for 2014 and beyond.”
The seller was Standard Fund. The transaction was executed by Cindy and Brad Cooke of Colliers International in Phoenix. Equity was provided by Stonecutter Capital Management. Prime Finance Partners and Seth Grossman and Ryan Gandel of Meridian Capital Group were also involved in this transaction.