TruAmerica Acquisitions III acquires Tempe apartment community for $54m

TruAmerica Acquisitions III has acquired of Mission Springs Apartments, a 306-unit multifamily asset in Tempe, Ariz., for $54.1 million. The seller of the 216,168-square-foot property was 29SC Mission Springs.

Mission Springs Apartments is a two-story garden-style complex in the dynamic South Tempe area at the convergence of the Interstate 10 and U.S. 60 freeways. Built in 1987, it is composed 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 and 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 percent occupied at the time of sale.

“This asset garnered significant attention from a large buyer pool due to its value-add strategy intact and its desirable Tempe location. The ultimate buyer saw an excellent opportunity