Real Estate Partners buys Arizona apartments

Real Estate Partners acquired an 856-unit apartment community in Phoenix, Ariz.

The value of the transaction was more than $45 million. 

The seller was Denver, Colo.-based United Dominion Bank UDR Texas Properties.

The company plans to invest more than $7 million for renovation and improvements starting next month. The property, known as Terracina, was completed in two phases from 1984 and 1987.

Newport Beach, Calif.-based Dalton Real Estate Co. represented the seller in this transaction. CB Richard Ellis represented the buyer.

Irvine, Calif.-based Real Estate Partners Inc. is a privately held real estate investment services company.

***

What's your opinion? Send your Letter to the Editor to newsroom@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.