BH Continues AZ Inroads with Two Acquisitions

PHOENIX--The company spends north of $10 million to add the 79,000-SF Thunderbird Square and 410-unit Casa Bella Apartments in Tucson to its portfolio.

PHOENIX-BH Properties broadened its footprint in Arizona with the acquisition of two assets. The California company added the 79,380-square-foot Thunderbird Square retail center and the 410-unit Casa Bella Apartments in Tucson, AZ to its Grand Canyon State portfolio. BH Properties acquired both properties from receivers, spending north of $10 million combined on the deals.

“Our business model focuses on distressed assets and we’re seeing plenty opportunities in Arizona, Nevada and Southern California, which is closer to home,” says Steve Jaffe, BH Properties’ executive vice president and general counsel. “I can fly to Phoenix and be back home the same day. From a management standpoint, it’s much easier.”

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