November 21, 2024 10:25 pm
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P.B. Bell Venture spends $33.5M for 294-unit apartment complex in Phoenix

apartments

apartmentsBy Business Real Estate Weekly

A venture formed by P.B. Bell Cos.  in Scottsdale (Phil Bell, Chapin Bell, principals) paid $33.5 million ($113,946 per unit) to purchase The Boulevard, a 294-unit apartment project located at 110 E. Greenway Parkway in Phoenix.

The seller was AG/Starboard 110 Greenway Owner LLC, a company formed by Angelo, Gordon & Co. LP in New York City, N.Y. (John Angelo, Michael Gordon, partners) and Slavin Multifamily Advisors LLC in Douglas County, Colo. (Patrick Slavin, principal). The sale was negotiated by Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. P.B. Bell purchased the project in a joint venture with Southwest Capital Ventures Inc. in Toronto, Ontario, Canada (Elliott Sud, et al., principals).

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