Pure Snags $48M Phoenix Asset
- May 26, 2017
Canadian investor Pure Multi-Family REIT has entered into an agreement to purchase Pinnacle at Union Hills, a 264-unit community in Phoenix, Ariz., for $47.5 million. The company plans to finance the acquisition—which is expected to close in June—with proceeds from the equity offering that closed in April.
Located at 4750 E. Union Hills Drive, the residential asset developed by Trammel Crow Residential in 1997 offers one-, two- and three-bedroom units ranging in size from 759 to 1,262 square feet. Roughly 77 percent of the units have undergone extensive renovations with an interior upgrade package that included stainless steel appliances, Corian countertops and wood-plank vinyl flooring. Amenities include a fitness center, a clubhouse, two swimming pools with spa, a business center and 661 parking stalls. Pinnacle is close to the upcoming Arizona Biomedical Corridor and an array of shopping destinations, including Scottsdale Quarter and Kierland Commons.
The property was 99.6 percent occupied as of April 2017, with an average monthly rate of $1,166, Yardi Matrix data shows. The asset last traded in 2014, when TA Associates Realty acquired the property from JP Morgan Asset Management for $36.3 million.
Image courtesy of pinnacleatunionhills.com