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3/03/20
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TruAmerica Acquisitions III LLC purchased Mission Springs Apartments, a 306-unit multifamily asset in Tempe, AZ, for $54.1 mil ($177k/unit). The 216.2k sf property is located at 1311 W. Baseline Rd, at the convergence of the I-10 and US 60 freeways.
Built in 1987, Mission Springs Apartments is a two-story garden-style complex in the dynamic South Tempe area. The property is comprised 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. 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.
Jim Crews and Jeems Lochridge with Cushman & Wakefield represented the seller, 29SC Mission Springs LP, in the transaction. According to C&W, the asset garnered significant attention from a large buyer pool due to its value-add strategy intact and its desirable Tempe location. The buyer saw an excellent opportunity to continue the interior upgrade program and fine-tune the rents going forward.
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.
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