P.B. Bell, a leader in multifamily real estate development, management and acquisitions, has acquired Bayside at The Islands, a 272-unit apartment community in Gilbert, Arizona. Moving forward, the community will be known as Alcove at The Islands.
P.B. Bell purchased the lakeside apartment community, located at 1300 W. Warner Road, from Duluth, Minnesota-based Mercury Investment Co. for $33.5 million. CBRE Phoenix sales professionals Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch brokered the transaction.
The purchase becomes the third acquisition this year for P.B. Bell, which continues to search for additional acquisition opportunities.
Alcove at The Islands is tucked inside the master-planned community known as The Islands. With waterfront homesites and lakeside picnic areas, the community offers a unique coastal feel in the heart of the desert. Alcove at The Islands includes two resort-style pools and a clubhouse, and units feature vaulted ceilings, wood-burning fireplaces and in some cases, lake views.
“Alcove at The Islands affords us the opportunity to add additional lakeside living to the P.B. Bell portfolio, a unique feature for desert dwellers,” R. Chapin Bell, P.B. Bell president, said. “We look forward to being part of Gilbert’s respected Islands community, and leaving our signature mark on Alcove at The Islands.”
P.B. Bell has plans for a $2.5 million renovation of the property, which will include upgrades to the interiors of residences and common area amenities.
The Islands, a sprawling community with 80 acres of lakes, includes more than 2,600 single-family homes in addition to the 272-unit apartment community. The lakes in the community are stocked with fish, and catch-and-release fishing is allowed with a permit. The greater Islands community also includes a community dock and facility rental, a playground, shaded ramadas and a full-size exercise track.