GLENDALE, Ariz., March 08, 2023 (GLOBE NEWSWIRE) -- Storm Properties Inc. is pleased to announce the acquisition of The Arches Apartments, a 200-unit Class-B property garden-style community in the south Glendale submarket of Phoenix, which continues to experience unprecedented job growth and major economic development.
“We are excited to add The Arches Apartments to our growing portfolio and we remain bullish on the Phoenix-area market due to the underlying fundamentals,” said Jay Ahluwalia, Storm Properties’ president. “Storm is actively seeking to expand our presence here and looks to acquire several additional multi-family communities in the metro area in 2023.”
Completed in 1985, the complex is comprised of one- and two-bedroom floorplans that include full-sized washers/dryers, walk-in closets, and patios. Community amenities include two swimming pools, picnic and courtyard BBQ area, fitness center, and covered parking. Residents enjoy convenient access to numerous retail, employment, and entertainment venues across the West Valley.
“We would like to thank Trevor Koskovich and his team at Northmarq for representing both buyer and seller in this transaction,” said Alan Kwan, senior director of acquisitions at Storm Properties. “We would also like to thank Brandon Harrington and his team, also at Northmarq, for facilitating the Fannie Mae loan in just 24 days.”
Storm Properties has acquired over $100 million in Phoenix multifamily and is currently in the process of managing the value-add improvements to significantly improve operations and increase net operating income. 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 infill 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 91-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/a592d510-cc46-4942-b83c-8e982d14226f
