The Barone Group Affiliate Sells $120MM Phoenix 6 Portfolio

The Barone Group, a prominent real estate company based in San Diego, CA, successfully sold six multi-family properties known as Phoenix 6 to Denver-based investor, Pauls Corp, LLC, for a  price of $120 million.

This strategic move not only demonstrates the resilience of the real estate market amidst a global crisis but also highlights the potential for growth in the nation’s fastest-growing large metro area.

The Successful Portfolio Sale

Amid the challenging circumstances of the pandemic’s early days, The Barone Group, in collaboration with Colliers in Arizona, took a strategic approach to market the six multi-family properties, collectively known as Phoenix 6. The broker team at Colliers implemented a comprehensive marketing process and was able to achieve the anticipated value for the properties despite the trials and tribulations of the Covid crisis.

Bear Holdings Group played a crucial role in positioning the assets perfectly for the new buyer, Pauls Corp, LLC. By combining the six properties into a single portfolio, they offered immediate economies of scale, which contributed to closing the transaction. This type of strategic packaging can provide numerous benefits, including cost savings and improved efficiency in property management, attracting investors keen on maximizing returns in a competitive market.

The Phoenix 6 portfolio included a total of 792 apartment units, spanning an impressive 549,353 square feet of living space. These multi-family properties, with one of them constructed in 1973 and the remaining five built between 1980 and 1986, offer a mix of studio, 1-bedroom, and 2-bedroom units, with an average size of 694 square feet.

For more information on The Barone Group’s other recent acquisitions and projects, visit our Portfolio.