PHOENIX—The P.B. Bell Companies has acquired The Boulevard, a 294-unit apartment community in north Phoenix. P.B. Bell purchased the luxury apartment community, located near Bell Road and 7th Street, from Franktown, CO-based Slavin Residential for $33.5 million.
CBRE Phoenix agents Sean Cunningham and Tyler Anderson brokered the transaction. Jim Pierson and Keaton Merrell of Legacy Capital Advisors, LLC arranged a $26.8 million, non-recourse acquisition loan with Freddie Mac.
“We are very excited to get this financing in place,” Pierson says. “It is a great loan for P.B. Bell and the excellent loan terms will help the buyer effectuate their business plan at The Boulevard.”
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