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.