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PHOENIX — Somera Capital Management has partnered with 3 Street Financial LLC to acquire Quail Point Apartments, a 264-unit apartment community located on 67th Ave. in Phoenix, from Newcastle Investments for an undisclosed price. Built in 1988, the property consists of 145 two-bedroom units and 119 one-bedroom units in 12 two- and three-story buildings. Additionally, the property features a swimming pool and spa, basketball, tennis and volleyball courts, a clubhouse, a fitness center, and open space for picnic and play areas. Somera Realty Value Fund II L.P., a value-added, closed-end private-equity real estate fund, provided Somera’s equity to the joint venture.