PHOENIX—Institutional Property Advisors, abrokerage division of Marcus & Millichap, hasarranged the sale of a two-property multifamily portfolio for$75,450,000. The assets are Pinnacle Terrace, a 300-unit apartmentcomplex in Chandler that sold for $39.2 million or $131,000 perunit and Pinnacle at Union Hills, a 264-unit community in Phoenixthat brought $36.25 million or $137,000 per unit.

IPA senior director Steve Gebing and Marcus& Millichap vice president investments CliffDavid advised the seller. The buyer is TA Associates.

“Pinnacle Terrace and Pinnacle at Union Hills providetheir residents with the ultimate apartment home living experienceby combining the convenience of nearby employment opportunitieswith unparalleled access to premier retail, dining, andentertainment venues,” says Gebing. “Based on the positioning ofeach asset within the competitive landscape of its respectivesubmarket, both properties are prime candidates for theimplementation of exterior and interior renovation programs.”