CHANDLER, AZ-Equity Residential of Chicago continues shedding multifamily assets, just sold a two-property portfolio consisting of 775 units.  Buyer Bascom Arizona Ventures LLC paid a combined $88.4 million for the 396-unit Country Brook in Chandler and the 379-unit Little Cottonwoods, located in Tempe, AZ.

Located at 4909 W. Joshua Blvd. in Chandler, Country Brook was developed in three phases: 1986, 1993 and 1996. Ninety percent of apartments' interiors have been upgraded with new kitchen and bath cabinetry, new countertops, new fixtures and flooring, a new Whirlpool appliance package and painted accent walls. Community amenities include three resort-style swimming pools and two spas, multiple barbecue grills and a state-of-the-art fitness center with cardio and weight training equipment.

Little Cottonwoods is located at 1820 E. Bell De Mar Dr. in Tempe. Built in three phases—one in 1984 followed by two more in 1986 and 1990—the property features newly renovated apartment interiors throughout approximately 50 percent of the community. These unit interiors feature new kitchen and bath cabinetry, new countertops, new fixtures, flooring, and lighting, and a new Whirlpool appliance package. Shared amenities include three swimming pools, two spas, a fitness center and multiple barbecue grills.

Steve Gebing, a vice president investments and Cliff David, also a vice president investments, both in Marcus & Millichap Real Estate Investment's Phoenix office, had the exclusive listing to market the properties on behalf of Equity Residential. Representatives involved with this specific deal did not return a phone call requesting an interview.

Equity recently sold three multifamily properties to a joint venture formed by Goldman Sachs & Co. and Greystar Real Estate Partners LLC. Three more Equity properties are expected to sell to the JV by the end of March.