PHOENIX, AZ - Surrey, British Columbia based apartment owner, manager, and real estate developer Lakewood, through an affiliate, SMAC Holdings, Inc. has purchased 42 units in the Belaflora Condominium property at 5302 E. Van Buren Ave in Phoenix, AZ for $1,750,000. The sale was an all cash transaction.
Lakewood purchased Belaflora from MKA Real Estate Opportunity Fund of Newport Beach, CA which had recently foreclosed on the property. The Buyer was represented by Joe Holeva of PRAEDIUM Advisors. The seller represented itself.
Lakewood has an existing footprint in the market, it also owns and operates the Sage Condominiums in Mesa, AZ.
Wayne Gervan of SMAC said "Holeva and his group quickly sourced several prospective Multi-family opportunities in the Phoenix metro area for us and we look forward to working with him on additional acquisitions".
PRAEDIUM Advisors is a full service commercial real estate firm based in Phoenix, Arizona offering very personalized attention in the sale of income producing investment property and buyer representation. We specialize in Distressed Phoenix AZ Apartments and Phoenix AZ Multi-Family Investments. For additional information, contact Joe Holeva at 602.466.2325 or Joe@JoeHoleva.com