Business Real Estate Weekly by Rose Law Group
Chandler/Phoenix – A limited partnership formed by TA Associates Realty in Boston, Mass. paid $75.45 million ($133,77 per unit blended price) to buy 564 apartment units in projects located in Chandler and Phoenix. The real estate investment advisor acquired the multi-family communities in two cash transactions. The sellers were companies managed by J.P. Morgan Asset Management in Los Angeles, Calif. The deals were brokered by Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix. Both apartment properties were acquired through TA Associates Realty’s Fund X, which has $1.562 billion in equity capital. Maricopa County records show 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. Continued
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