TruAmerica Acquisitions II Acquires 306-Unit Complex from 29SC Mission Springs, LP
PHOENIX, March 2, 2020 – Cushman & Wakefield has completed the investment sale of Mission Springs Apartments, a 306-unit multifamily asset in Tempe, AZ.
The 216,168-square-foot (sf) property located at 1311 W. Baseline Rd. sold for $54,100,000 or more than $176,000 per unit. TruAmerica Acquisitions III, LLC acquired the property from 29SC Mission Springs, LP. Jim Crews and Jeems Lochridge from Cushman & Wakefield’s Southwest Multifamily Advisory Group served as exclusive advisors to the seller in the transaction.
Mission Springs Apartments is a two-story garden-style complex in the dynamic South Tempe area at the convergence of the I-10 and US 60 freeways. Built in 1987, it is composed of 25 buildings offering well-designed floor plans with a desirable unit mix in a low density setting. Each unit features private balcony or patio, washer/dryers, and outside storage spaces and tenant amenities include three swimming pools and a spa, dog park, fitness center, picnic areas, business lounge, package lockers, and gated access. The asset was 95% occupied at the time of sale.
“This asset garnered significant attention from a large buyer pool due to its value-add strategy intact and its desirable Tempe location. The ultimate buyer saw an excellent opportunity to continue the interior upgrade program and fine-tune the rents going forward. It is also worth noting the large contingent of California-based buyers who toured and offered on the property,” said Crews, Executive Managing Director.
Multifamily development continues to grow in the metro Phoenix market with 8,714 units completed across 39 properties in 2019. Phoenix’s year-over-year rental growth rates remained as some of the highest in the nation, according to Cushman & Wakefield Research.