We spoke with Colorado-based Baron Properties' Jerry Sims as he was driving through Las Vegas this morning about his firm's recent acquisition of Alta Park West, a 260-unit, Class-A apartment complex in Peoria. Baron bought it from a JV between Atlanta-based Wood Partners and Boston Capital Real Estate Partners for little more than $30M. “We think Phoenix is a great opportunity,” Jerry says. It's a market where Baron can “drive a little more value” due to the rising tide of the economy, he says. While it owns some half dozen multifamily properties here, Jerry says Baron is eyeing development plays, particularly in the downtown area.
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