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.

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

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“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.”

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Developed by Trammell Crow Residential andBRE Properties Inc. in 1998, Pinnacle Terrace issituated on almost 19 acres at 801 North Federal St. in Chandler.The property's community amenities include a leasing office withresidents' lounge and business center; a clubhouse with a theaterroom, conference room and billiards table; and a 24-hour fitnesscenter with cardio and weight-training equipment. The communityalso has two resort-style swimming pools and spas with poolsideramadas, 70 detached garages and controlled access gated entry.

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Pinnacle at Union Hills was developed by Trammell CrowResidential in 1997 and is located at 4750 East Union Hills Drivein Phoenix. Shared amenities include a stand-alone leasing office,a clubhouse, a 24-hour fitness center with cardio and weighttraining equipment, a business center and conference room, tworesort-style swimming pools, spas with poolside ramadas, 79detached garages, 32 detached storage units, a courtyard/playgroundarea and controlled access gated entry.

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