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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
- ◦Sale/Acquisition