Mission-Springs-Apts-Tempe-AZ

Cushman & Wakefield Arranges $54.1M Sale of Mission Springs Apartments in Arizona

by Amy Works

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Mission Springs Apartments, a multifamily property located at 1311 W. Baseline Road in Tempe. TruAmerica Acquisitions III acquired the asset from 29SC Mission Springs LP for $54.1 million, or more than $176,000 per unit.

Built in 1987, the two-story, 216,168-square-foot property comprises 25 buildings offering a total of 306 apartments featuring private balconies or patios, washers/dryers and outside storage spaces. Community amenities include three swimming pools, a spa, dog park, fitness center, business lounge, picnic areas, package lockers and gated access. At the time of sale, the property was 95 percent occupied.

Jim Crews and Jeems Lochridge of Cushman & Wakefield’s Southwest Multifamily Advisory Group represented the seller in the transaction.

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