TORRANCE, Calif., Feb. 18, 2020 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the acquisition of Del Mar Apartments, a 144-unit Class-A property located in the West Valley submarket of Phoenix, Arizona, one of the fastest-growing areas in Arizona. “We are excited to add Del Mar Apartments to our growing portfolio. We remain bullish on the Phoenix market due to its sustained economic and job growth,” said Jay Ahluwalia, Storm Properties’ president. Storm hopes to acquire several additional multi-family communities in the Phoenix metro area in 2020.
Storm Properties has hired Pinnacle Property Management Services, the third-largest multi-family property management firm in the U.S., and plans to enhance the resident experience through strategic capital investments and operations improvements.
Completed in 2008, Del Mar Apartments is close to a variety of shops, dining, outdoor activities, and entertainment. In addition, the property is situated a short distance from Interstate 10 and Loop 101, providing residents with easy access to the area’s major employment centers.
The complex is comprised of generously sized one-, two-, and three-bedroom floorplans that include nine-foot ceilings, full-sized washers/dryers, walk-in closets, and patios or balconies. For residents’ enjoyment, there are a resort-style pool and spa, clubhouse, ramadas with gas BBQ grills, fitness center and a business center, as well as the security of controlled-access gated entry, covered parking and garages.
“We would like to thank Mark Forrester and his team at Berkadia for representing both buyer and seller in this transaction,” said Alan Kwan, senior director of acquisitions at Storm Properties.
Storm Properties has extensive experience in acquiring, entitling and developing single family and multi-family projects. It is also an active acquirer, developer, owner and manager of multifamily, industrial and commercial property, with a primary focus in Southern California and Phoenix. A full-service real estate firm, Storm has successfully developed over 1.3 million square-feet of industrial and commercial buildings, and 57 in-fill residential communities.
Storm Properties is a subsidiary of Torrance-based Storm Industries Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 83-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.
For more information, contact Alan Kwan, senior director of acquisitions, at (310) 986-2432, or via email at AKwan@storm-properties.com.
Contact: Ann Romano
(949) 310-5876
annromano@cox.net
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/627d1711-f37e-4521-9b91-f41f462cf401