Turnstone Capital Buys Phoenix Apartments for $19M

Bellum Manor is a 214-unit apartment community built in 1973 with resort style swimming pools, children's playground, and on-site basketball court.

By Kelsi Maree Borland | November 27, 2019 at 04:00 AM

An entity formed by Turnstone Capital has acquired Bellum Manor, a 214-unit apartment community, in Phoenix, for $19.8 million. The buyer also secured a bridge loan was structured with a 3-year term on a 30-year amortization schedule.

Built in 1973, the 214-unit apartment features resort style swimming pools, children's playground, and on-site basketball court.

The NorthMarq Phoenix investment sales team of Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction. Bobby Weinberg, senior vice president of the NorthMarq Dallas capital markets team arranged the debt and equity for the buyer.

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Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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