TA Associates Realty of Boston, MA paid $75.45 million ($133,777 per unit blended price) for 564 apartment units in two complexes located in Chandler and Phoenix. The investor acquired the multi-family communities in two cash transactions. Both apartment properties were acquired through TA Associates Realty’s Fund X, which has $1.562 billion in equity capital. The sellers were companies managed by J.P. Morgan Asset Management in Los Angeles, Calif.

The Realty Associates Fund X L.P. paid $39.2 million ($130,667 per unit) to acquire the 300-unit Pinnacle Terrace Apartments at 801 N Federal Street in Chandler. The seller was Pinnacle Terrace LLC, a company formed by Commingled Pension Trust Fund of JP Morgan Chase Bank.

In the other sale, The Realty Associates Fund X L.P. paid $36.25 million ($137,311 per unit) to acquire the 264-unit Pinnacle at Union Hills Apartments at 4750 E Union Hills Drive in Phoenix. The seller was Pinnacle at Union Hills LLC, also formed by Commingled Pension Trust Fund of JP Morgan Chase Bank.

The deals were both brokered by Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix.

TA Associates Realty, a privately-held and employee-owned advisory firm, has $11.1 + billion in assets under its management. Its portfolio includes 91 million square feet of commercial space and 12,300 residential units in 35 markets across the U.S. and is looking for additional properties.

Jim Buckingham at TA Associated can be reached at (949) 852.2030. Brett Kahn of J.P. Morgan Asset Management is at (310) 860.7137. Gebing and David are at (602) 687.6700.

Casa De Colinas and Mission Tierra Apartments sold with 425 aggregate units for a combined total of $19.6 million ($46,059 per aggregate unit) in two separate transactions.

Casa De Colinas sold for $12.75 million ($62,195 per unit) in an all-cash deal. Located in the Western Foothills, the property has 205-units consisting of 28 – one-bedrooms each 646-square-feet, 70 – two-bedrooms each 925-square-feet, and 107 – four bedroom / two baths with 1,378-square feet, double level town homes.

The property opened in January 1997 and is 125,476-rentable-square-feet in fourteen buildings on an 8.72 acre parcel located at 2162 West Speedway Blvd. in Tucson.

The seller was Partnership for Quality Affordable Housing #5 of Phoenix and the buyer, Aspen Square Management out of West Springfield, Massachusetts. Both the buyer and seller were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.

Mission Tierra sold for $6.8 million ($31,023 per unit) all-cash. Located close to I-19, downtown and the Tucson airport, the property has 220-units consisting of 96 – one-bedrooms in two floor plans: 574-square-feet and 587-square feet, 96 – two bedrooms with two floor plans: 844-square-feet and 860-square-feet, and 28 – double level town homes with four bedrooms each 1,312-square-feet.

The property opened in Fall 993 and is 174,256-rentable-square-feet in sixteen buildings on 8.42 acres at 5505 S Mission Rd. in Tucson.

The seller, Partnership for Quality Affordable Housing #3 of Phoenix, and the buyer is a Utah-based company, MS Solutions, LLC. Both the buyer and seller were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.

Aspen Square Management can be reached at (413) 781-0712. The Marcus & Millichap National Multi Housing Group of Panahi, David and Gebing should be contacted at (602) 687-6700 for more information.

Login for additional information.

[mepr-show rules=”58038″]Sale price for Casa De Colinas was $12,750,00 in an all cash deal. The closing date was reported as 5/14/2014. Property was 90% occupied and sold at a 6.04% cap.

Sale price for Mission Tierra was $6,825,000 in an all-cash deal. The closing date was reported as 5/12/2014. Property was 95% occupied and sold at a 6.61% cap. [/mepr-show]