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PB Bell Buys Apartments for $33M

PB Bell Buys Apartments for $33M

Scottsdale-based PB Bell Cos acquired the 294-unit The Boulevard apartment complex in north Phoenix for $33.5M. Colorado-based Slavin Residential was the seller, and Legacy Capital arranged a $26.8M loan for PB Bell to facilitate the deal. The buyer plans to invest $2M in upgrades to the complex, which was originally developed in 1994, reports the Phoenix Business Journal. CBRE's Sean Cunningham and Tyler Anderson brokered the deal. [PBJ]