The 360-unit Alanza Place was bought from TCR Belleview Holdings LP, a company formed by Atlanta-based Trammell Crow Residential. Mark Forrester of Hendricks & Partners' local office brokered the sale of the three-year-old complex at 1121 N. 44th St.
According to William Winn, president of Passco Real Estate, the Phoenix metropolitan area is an attractive place to invest because of improving market fundamentals, population and job growth. "There was a lot of competition for the asset," he tells GlobeSt.com.
The Irvine, CA-based Passco picked up backing from a 1031 exchange pool put together by 1031 Exchange Options of Walnut Hill, CA. The TIC pool opened with 12 investors, but more are expected to follow. Based on TIC regulations, the Alanza's pool can't exceed 33 investors.
The 96%-leased Alanza Place consists of 56 townhouses and 304 apartments, linked with a courtyard. The complex has a mix of 182 one-, 161 two- and eight three-bedroom floor plans, ranging from 732 sf to 1,353 sf. Rents run from $856 to $1,596 per month. Passco's in-house team will lease and manage the development, positioned with easy access to Loop 202 Freeway, Hohokam Expressway 143 and Interstate 10.
Last month, Passco acquired Courtney Village at Papago Park from Denver-based Courtney at Papago Park LLC for $36.1 million. The 368-unit, class A complex is situated on 17 acres at 4848 E. Roosevelt Rd.
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