R. Chapin Bell, P.B. Bell president, tells GlobeSt.com, “We had owned and did upgrades on a sister property last year—it performed well for us. The previous owner took good care of the asset, but we can come in and spend some money on amenities that the renters will enjoy. The owner upgraded 64 units to condo spec and that demonstrates our strategy going forward. We really like the submarket with its great retail, and the quality of the asset. With our approach, we're confident we can optimize operational performance for our partners and our team.”

Phil Lake, P.B. Bell director of acquisitions, was responsible for spearheading the overall acquisition of the property, which features seven spacious floor plans and is located in a residential area that is near shopping, restaurants and quality schools. Residents enjoy the proximity to both entertainment and retail, and easy access to an abundance of outdoor hiking trails. The pet-friendly community features play areas, elevated ceilings and wood burning fireplaces, a pool, a spa and a fitness center.

“We were attracted to The Boulevard, in part, because we knew we could positively impact the physical attributes of the property by way of upgrades and improvements,” Lake says. “By updating the property, we're also investing in the greater community.”

P.B. Bell is actively seeking new acquisition opportunities in the Phoenix area.