PHOENIX-BH Properties LLC acquired its ninth multifamily property, buying the 275-unit Vista Ventana for $10.2 million. The Los Angeles buyer obtained the once-distressed, class B asset from a State Farm entity operating under the name El Camino Vista LLC.

According to BH Properties executive vice president Steve Jaffe, the asset at 3221 W. El Camino Dr. provides ideal economies of scale with two other BH-owned properties nearby. These are Madera at Metro (formerly Smoke Tree Apartments) at 3161 West Cheryl Dr. and Biltmore on the Lakes, located at 11050 N. Biltmore Dr. "We plan to take advantage of the economies of scale that we can achieve by cross-marketing, sharing staff and promoting properties to new visitors," he says. BH Properties plans to buy two more multifamily properties by the end of the year.

Jaffe also notes that the seller made a significant amount of improvements including interior upgrades, exterior painting and a roof renovation, while also increasing occupancy to 90% prior to closing. “This stable asset mirrors most of our Phoenix multi-family assets and should not require much in the way of improvements,” he said.