Phoenix, November 2017 – Bear Holdings Group has completed the purchase of the 304-unit Arroyo Vista Apartments in Glendale, AZ, for $25,000,000. The property was sold by The Wasatch Group, based in Utah. ABI Multifamily, a brokerage and advisory services firm that focuses exclusively on apartment investment transactions, represented both the Buyer and the Seller in this transaction.
Arroyo Vista is a two story, garden-style apartment community comprised of 16 buildings that rest on approximately 10.01 acres. The property was built in 1984 of frame construction with built-up/flat roofing and boasts an attractive unit mix of 72 – 1 bedroom, 208 – 2 bedroom and 24 – 3 bedroom unit types with a weighted average size of 869 square feet. All units are individually metered for electricity and have individual HVACs and all 3 bedroom units have in-suite washer & dryers. Community amenities include dedicated rental office, resident clubhouse, pool, spa, playground, and dog park. The property is in excellent shape and has been well operated by the seller over the past 24 years.
According to Doug Lazovick, Partner at ABI, and lead broker for BHG “there were many aspects that drew the Buyer to the property: the heavy majority of Two Bedroom/Two Bath units, attractive going-in Cap Rate and the ability to add-value through modest interior and exterior renovations.”
Bear Holdings Group, based in Scottsdale, Arizona, has developed over 83 multifamily and mixed use developments in California, Nevada, Michigan, Indiana and Arizona valued at just under $1B. Arroyo Vista is their 3rd Arizona acquisition. “We believe Phoenix is a tremendous market now and into the foreseeable future” says Ralph Saterbak, Key Principal with Bear Holdings Group.
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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 firstname.lastname@example.org.