PHOENIX—Institutional Property Advisors, a brokerage division of Marcus & Millichap, has arranged the sale of a two-property multifamily portfolio for $75,450,000. The assets are Pinnacle Terrace, a 300-unit apartment complex in Chandler that sold for $39.2 million or $131,000 per unit and Pinnacle at Union Hills, a 264-unit community in Phoenix that brought $36.25 million or $137,000 per unit.
IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller. The buyer is TA Associates.
“Pinnacle Terrace and Pinnacle at Union Hills provide their residents with the ultimate apartment home living experience by combining the convenience of nearby employment opportunities with unparalleled access to premier retail, dining, and entertainment venues,” says Gebing. “Based on the positioning of each asset within the competitive landscape of its respective submarket, both properties are prime candidates for the implementation of exterior and interior renovation programs.”
Developed by Trammell Crow Residential and BRE Properties Inc. in 1998, Pinnacle Terrace is situated on almost 19 acres at 801 North Federal St. in Chandler. The property's community amenities include a leasing office with residents' lounge and business center; a clubhouse with a theater room, conference room and billiards table; and a 24-hour fitness center with cardio and weight-training equipment. The community also has two resort-style swimming pools and spas with poolside ramadas, 70 detached garages and controlled access gated entry.
Pinnacle at Union Hills was developed by Trammell Crow Residential in 1997 and is located at 4750 East Union Hills Drive in Phoenix. Shared amenities include a stand-alone leasing office, a clubhouse, a 24-hour fitness center with cardio and weight training equipment, a business center and conference room, two resort-style swimming pools, spas with poolside ramadas, 79 detached garages, 32 detached storage units, a courtyard/playground area and controlled access gated entry.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
