Institutional Property Advisors, a brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a two-property multifamily portfolio in Arizona for $75.45 million.
The assets are Pinnacle Terrace, a 300-unit apartment complex in Chandler, Ariz. 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, a global leader in wealth and asset management services. 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, Ariz. 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.
Pinnacle Terrace and Pinnacle at Union Hills feature one-, two- and three-bedroom floor plans with fully equipped gourmet kitchens, nine-foot ceilings, full-sized washers and dryers, crown molding, abundant storage space with large, walk-in closets and linen closets, large soaking tubs and a private patios or balconies with additional outside storage. Gas fireplaces and wood-plank vinyl flooring are available in select units.