March 16, 2020
TruAmerica shook hands with 29th Street Capital of Chicago to acquire Mission Springs Apartments, a 306-unit multifamily asset in Tempe, AZ. The Los Angeles-based buyer paid $54.1 million to claim ownership of the property at 1311 W. Baseline Rd.
Jim Crews and Jeems Lochridge with Cushman & Wakefield represented the seller. “This asset garnered significant attention from a large buyer pool due to its value-add strategy intact and its desirable Tempe location,” Crews said, adding that the buyer will continue the interior upgrade program. “It is also worth noting the large contingent of California-based buyers who toured and offered on the property,” Crews added.
Mission Springs Apartments delivered in the late 1980s, and offers one, and twobedroom floor plans. Amenities include three swimming pools, a spa, dog park, fitness center, business lounge, package lockers and picnic areas. The complex was 95% occupied at the time of sale.
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