PHOENIX—B.H. Properties LLC, Los Angeles, has purchased the 214-unit Terrace Park Apartments for $6.2 million.
“The plan is to run the property in accordance with other BH-owned properties in Phoenix,” said Steve Jaffe, executive vice president and general counsel at BH Properties. “We can take advantage of economies of scale by cross-marketing, sharing staff and promoting properties to new visitors, namely with Sunpointe which is in close proximity at the intersection of McDowell and 71st Avenue.” This acquisition gives BH Properties its 8th multifamily property in Arizona in the past 24 months.
Located at 8130 W. Indian School Road, the 214-unit property was built in 1984 and is currently 94% leased. The complex offers newly remodeled one- and two-bedroom apartment homes with a clubhouse and playground, carport parking and two outdoor pools. Terrace Park Apartments is located near the I-10 and the Loop 101, Desert Sky Mall and two miles from local area schools.
“As an adjunct to the growth of our multi-family portfolio like Terrace Park, we are actively looking opportunities in the condominium market, a natural outgrowth of our presence in the region,” said Jaffe.
BH Properties was represented by Peter Katz of Marcus & Millichap.
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