By Liviu Oltean, Associate Editor
A large multifamily portfolio in Phoenix recently changed hands under the supervision of the Cooke Multifamily Team at Colliers International.
The team helped with the disposition of AZ 3, a 1,114-unit portfolio consisting of class A and B+ assets. Cindy Cooke and Brad Cooke, senior vice presidents at Colliers International, acted on behalf of the seller, Bascom Arizona Ventures of Scottsdale. The buyer, which was self-represented, was an affiliate of BHE Acquisitions LLC of Des Moines, Iowa, according to the announcement.
The portfolio included the following communities: the 330-unit Estates on Maryland in Phoenix; the 256-unit Madera Point in Mesa; and the 528-unit Pointe at the Foothills community in Phoenix. According to Yardi Matrix property records, the acquisition price of the portfolio was around $116 million.
“The seller had recently completed major renovations and was achieving significant income growth which continued throughout the transaction,” Cindy Cooke said in a prepared statement. “It will be exciting to see the plans executed by the buyer. They have a vision to further enhance the renovations and complete the interior upgrades.”