Value-Add Market Tightening Up

PHOENIX—There are still value-add properties on the market, according to Steve Jaffe, who has recently been promoted to chief investment officer and principal of BH Properties, a Los Angeles-based real estate investment firm that focuses primarily on troubled assets in the retail, multi-family, office and industrial sectors. With the 100^th and highest valued asset acquired to date on the books, BH Properties is making shifts in the firm’s buying strategy. Jaffe talks to GlobeSt.com about the latest acquisition and the firm’s plans for the future.

GlobeSt.com: The Plaza at Squaw Peak located in Phoenix is the highest valued asset acquired by BH Properties to date. You paid $25 million for the 428,000-square-foot office complex. What factors helped facilitate the shift to buying a higher-valued property? Does your recent promotion play into this shift?