PHOENIX—BH Properties, a Los Angeles-based firm that specializes in acquiring and repositioning challenged or distressed real estate properties, has purchased the Papago Crossing apartments for $8.1 million. The move further advances the firm's investment strategy in the region.
BH Properties has significantly expanded its Southwest portfolio, with primary sales spanning the multifamily and retail categories. Papago Crossing, which is located at 4530 E. McDowell Rd., marks the ninth multifamily property in Arizona that BH Properties has acquired in the last 24 months.
“We came into the Phoenix multifamily market in 2010,” Steve Jaffe, executive vice president and general counsel for BH Properties, tells GlobeSt.com. “We started with 330 units in Mesa and we've grown from there.”
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