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| Steve Gebbing |
PHOENIX, AZ, July 8, 2014 – Institutional Property Advisors
(IPA), 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 $75,450,000.
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.”
 |
| Cliff David |
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 |
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.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
