Staff Reports | Business & Commerce
P.B. Bell has launched a $125 million multifamily investment fund focused on acquiring Class A and B properties across Arizona, with a primary emphasis on the Phoenix metro area.
The fund represents a shift from the company’s previous joint venture model to a structure designed to offer investors diversified exposure to multifamily assets while P.B. Bell manages the full asset lifecycle in-house, from acquisition through disposition, according to a press release.
The company also appointed Keagan Huerta as executive vice president of investments to lead capital-raising and acquisition efforts for the fund.
The investment strategy is based on expectations that current apartment supply in the Phoenix market will be absorbed over the next 18 to 24 months, potentially supporting rent growth and value creation through renovations and operational improvements.
Huerta brings more than 20 years of experience in multifamily investment, including roles at Sunroad Enterprises and LivCor, as well as founding his own acquisition company.
“The current market environment presents a rare buying opportunity for well-capitalized operators with local expertise,” said Keagan Huerta, executive vice president of investments at P.B. Bell. “As oversupply gets absorbed and demand fills apartments, we expect a stabilization of the market resulting in organic rent growth over the next five to seven years. With P.B. Bell’s vertically integrated platform and a single promote structure that keeps investor interests front and center, we believe this fund is positioned to deliver strong, risk-adjusted returns while creating communities where people love to live.”
Mr. Huerta said the fund is designed to capitalize on market conditions while leveraging the firm’s local expertise.
P.B. Bell CEO Justin Steltenpohl said the fund aligns with the company’s long-term growth strategy as it marks 50 years in the Arizona market.
“As we enter our 50th year, the dedicated team at P.B. Bell is excited to unearth more opportunities to grow and flourish in the multifamily landscape in Arizona,” said Justin Steltenpohl, chief executive officer of P.B. Bell. “This fund allows us to bring our signature standard of quality to a broader portfolio of homes while offering investors a transparent, alignment-driven structure. Keagan brings decades of experience and deep-rooted connections in our industry, which will be crucial to the fund’s success.”
Mr. Steltenpohl said the new fund reflects the company’s focus on expanding its investment platform while maintaining operational control.
