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Bank of America Shells Out $12M for 288-Unit Complex

PHOENIX-An investment arm of Bank of America acquires the Paradise Club, a class B asset ticketed for repositioning. More than 90% of the development's units are two-bedroom, two-bath designs.

By Jennifer D. Duell | Updated on September 19, 2004

PHOENIX-The Dallas-based investment arm of Bank of America has acquired the 288-unit Paradise Club for $12.1 million. With the lion’s share of the complex as two-bedroom apartments, the purchase is a prime candidate for repositioning.

“Both sides got a fair price,” says Mark Forrester who represented the seller, Paradise Club LLC, an investor group from Mountainside, NJ. He tells GlobeSt.com that the buyer of 2825 E. Marconi Ave. was particularly attracted to the property’s unit mix, which features about 260 two-bedroom, two-bath units. The remaining units are one bedroom, one bath. Apartments range from 900 sf to 1,000 sf.

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