Bridge Investment Group has acquired a three-property apartment portfolio for $201.75 million from JB Partners. The portfolio includes The Villages at Metro Center and Crystal Creek in Phoenix and Indigo Park in Albuquerque.

The Villages at Metro Center is a 296-unit apartment complex in Phoenix. Near Deer Valley and the I-17 corridor, the 11.5-acre property was built in 1979 11.5 acres. Crystal Creek is a 271-unit apartment property in Phoenix, also located near Deer Valley as well as the Bell Road Retail Corridor. The property was built in 1985 and sits on eight acres. Indigo Park is a 216-unit property with accessibility from Interstate 25. It was built in 1974 on 7.5 acres, eight miles from Downtown Albuquerque.

Institutional Property Advisors' Steve Gebing and Cliff David represented the seller in the deal. According to Gebing, the buyer will see significant upside opportunity due to the growth in the Phoenix and Albuquerque markets. The Phoenix market in particular has been highly active in the last several years, attracting ample capital. Just this year, there have been several major deals. Los Angeles-based SAM Residential Group acquired 1408 Casitas at Palm Valley, a 168-unit apartment property in Avondale, a submarket of Phoenix, for $36 million from 29th Street Capital. The deal is a value-add play for the investor.