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TIAA-CREF Acquires SW Multifamily Portfolio for $717M

Group Sells 18 Apartment Complexes in Phoenix and Houston
July 25, 2006
New York-based Teachers Insurance and Annuity Association, or TIAA-CREF, acquired a portfolio of seven apartments in Phoenix, AZ, and 11 apartments in Houston, TX, for $717.6 million, or about $160,501 per unit. The seller was DLF-USA Residential Properties No.

The brokers negotiated the sale of 4,471 apartment units involving assets of seven apartment complexes in metro Phoenix and 11 complexes in Houston. The listing brokers reported that the seven metro Phoenix properties averaged 96% occupied and sold at a 3.63% cap rated based on 2005 NOI.

The metropolitan Phoenix portion includes seven properties totaling 2,176 units:
* San Montego, 6745 E. Superstition Blvd. in Mesa, built in 1998;
* San Melia, 14435 S. 48th St. in Phoenix, built in 1998;
* The Tradition at Kierland, 6633 E. Greenway Parkway in Scottsdale, built in 2000;
* The Paragon at Kierland, 15440 N. 71st St. in Scottsdale, built in 1996;
* The Legend at Kierland, 6735 E. Greenway Parkway in Scottsdale, built in 1998;
* San Palmas, 1111 N. Mission Blvd. in Chandler, built in 1998; and,
* San Brisas, 900 N. Rural Road, also in Chandler, which was completed in 1997.

The Houston portion includes 11 properties totaling 2,295 units:
* El Mundo Park Apartments, 8300 El Mundo St. in Houston, built in 1988;
* Mirage, 2100 Bering Drive in Houston, built in 1992;
* Marimar Townhomes, 2380 Bering Drive in Houston, built in 1992;
* Montecito, 2300 McCue Road in Houston, built in 1996;
* Parque Del Oro, 8380 El Munodo St. in Houston, built in 1984;
* The Phoenician, 2345 Bering Drive in Houston, built in 1994;
* Plaza Del Oro, 2650 Holly St. in Houston, built in 1992;
* San Marin, 8181 El Mundo St. in Houston, built in 1994;
* San Melia, 8383 El Mundo St. in Houston, built in 2002;
* San Montego, 1600 Eldridge Pkwy. in Houston, built in 1998; and,
* Versailles Park, 7200 Almeda Road in Houston, built in 1990.

Tyler Anderson and Sean Cunningham of CB Richard Ellis in Phoenix and Craig LaFollette in Houston represented the seller. TIAA-CREF was represented in-house.

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