PHOENIX, May, 2021
Bear Holdings Group, based on Phoenix, AZ, has sold six multi-family properties (Phoenix 6) in Greater Phoenix for a price of $120,000,000 to a Denver-based investor, PaulsCorp, LLC. The communities are all situated at in-fill locations within the nation’s fastest-growing large metro area. Phoenix is now the top MSA for rent growth in the country.
The six assets were released to market just as the pandemic began. The broker team, Colliers in Arizona, undertook a full marketing process and were able to achieve the anticipated value, despite the trials and tribulations of the Covid crisis. By rolling the properties up as a portfolio, Bear Holdings Group positioned the assets perfectly for the new buyer and offered immediate economies of scale.
The portfolio included 792 apartment units totaling 549,353 square feet. One property was constructed in 1973 and the other five were built between 1980-1986. The portfolio included a mix of studio, 1-bedroom and 2-bedroom units averaging 694 square feet. Included in the sale were the following communities:
Ava North, 3426 N. 32nd St., Phoenix (73 units)
Ava South, 3132 N. 32nd St., Phoenix (50 units)
Ava Park, 2524 W. Glenrosa Ave., Phoenix (224 units)
Red Sage, 5704 W. Thomas Rd., Phoenix (156 units)
Serena Park, 8546 N. 59th Ave., Glendale (141 units)
The Perry, 6231 N. 67th Ave., Glendale (148 units)
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About Bear Holdings Group LLC
Bear Holdings Group, based in Scottsdale, AZ, provides project sponsorship, joint venture and investment opportunities for multifamily construction, acquisition, conversion and rehabilitation. With expertise that includes fund creation, project sponsorship, and asset management tailored to partnership objectives, Bear Holdings Group currently has interests in dozens of multifamily properties through five states. Contact Bear Holdings Group today at info@bearhg.com.