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Multifamily Portfolio Sells for $75M

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 in Chandler that sold for $39.2 million and Pinnacle at Union Hills in Phoenix that brought $36.25 million.

By Kristian Seemeyer | Updated on July 09, 2014

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.

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