PHOENIX—Oregon Pacific Investment and Development Company purchased Pinnacle Queen Creek, a class A apartment community located at 800 W. Queen Creek Rd. The 252-unit garden style apartment community sold for $33.3 million ($132,143 per unit). The seller was Pinnacle at Queen Creek, LLC, a company controlled by The Northwestern Mutual Life Insurance Company of Milwaukee and Essex Property Trust of Palo Alto.
Cassidy Turley executive managing directors David Fogler and Steven Nicoluzakis negotiated the transaction on behalf of the seller.
“Pinnacle Queen Creek is at a great location,” Fogler tells GlobeSt.com. “It's close to employment, minutes from Intel. It has exception design and amenities.”
It was the buyer's first Arizona acquisition, says Fogler. “The seller developed the propertied and found it was a good time to exit the market.”
Pinnacle at Queen Creek was built in 1999 and includes one, two and three bedroom units in two story buildings. The low-density complex, at less than 15 units per acre, includes a gated entry, attached and detached garages, community swimming pool, fitness center, movie theatre and clubhouse. The units range in size from767 to 1,262 square feet. All of the units have washers and dryers, and a portion of the units featured upgraded interiors.
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