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L5 Investments Partnership Acquires PHX MF for $27.2M

El Dorado Hills, CA-based L5 Investments, in partnership with MLA Properties and BH Equities, acquired Cielo Apartments in Phoenix for $27.2 million. The 360-unit apartment community was 91%-occupied, and was sold by Sterling Real Estate Holdings, a joint venture between Barker Pacific Group and Pacific Real Estate Partners.

Built in 1981, Cielo is situated on 10.52 acres at 8222 North 19th Ave. The property has a mix of studio, one, and two-bedroom units. The partnership plans on executing an extensive $4.16-million capital improvement plan to increase occupancy and attract and retain residents.

L5’s Michael Flaherty says, “Although Cielo is in excellent condition overall, it needs a significant amount of key amenity and interior upgrades in order to help meet the demands of the renter base in the Phoenix area.”

The off-market transaction was brokered by Cushman and Wakefield’s Brett Polachek and Jim Crews, on behalf of both the buyer and the seller.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition