March 17, 2017
BH Properties sold the 320-unit Fiesta Park Apartments in Phoenix to a California real estate company. The Los Angeles-headquartered seller, represented by Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International in Greater Phoenix, walked away from the deal with $20 million. Mark Forrester and Ric Holway of Berkadia-Phoenix represented the buyer, INCO Real Estate Co., which is based in Long Beach, CA.
Fiesta Park Apartments is at 1033 S. Longmore Rd., and was 93% occupied at time of sale. Situated on 8.8 acres, the property consists of 10, three-story buildings containing one and two-unit apartments with an average size of 1,000 square feet. The asset delivered in 1979, and also offers covered parking, a clubhouse and a playground.
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