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.

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