The New York City-based owner is planning to sell 448-unit San Melia Apartments at 14435 S. 48th St. and 240-unit San Montego Apartments at 6745 E. Superstition Springs Blvd. in Mesa. Both were built in the mid to late 1990s by Mark Taylor Development of Scottsdale, AZ.
"Teachers decided the market timing was right to spin off these two assets," explains Brad Goff, principal with Apartment Realty Advisors' Phoenix office. The marketing team includes principal Bret Zinn and director of institutional sales Kyle Grider.
Goff tells GlobeSt.com that he hopes to select a buyer by August, reporting that both assets are drawing high interest from portfolio buyers and one-off prospectors. "Due to the yield and quality of these properties, they're proving to be highly desirable from an investment standpoint," he adds.
Occupancies range from 90% to 95%. Both complexes have one, two and three-bedroom units from 919 sf to 1,400 sf. Monthly rents go from $865 to $1,500.
TIAA-CREF acquired the two class A assets along with 16 other properties, valued at $700 million, in Houston and Phoenix in June 2006 from a German pension fund, DLF Immobilien Portfolio KG. The acquisition cost was cloaked, but the street pegged it $500 million to $800 million.
Goff says TIAA-CREF has no plans to sell any others from the portfolio in Greater Phoenix. Other metro properties are the 364-Unit Tradition at Kierland at 6633 E. Greenway Parkway, 276-unit Paragon at Kierland at 15440 N. 71st St. and 360-unit Legends at Kierland at 6735 E. Greenway Parkway, all in Phoenix, and the 208-unit San Brisas at 900 N. Rural Rd. and 240-unit San Palmas at 1111 N. Mission Park Blvd., both in Chandler.
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