The property has one- and two-bedroom floorplans with rents that range from $871 to $1,147, according to Yardi Matrix data.

Feder added the firm plans to secure bridge financing and look for capital partners to begin implementing the renovations, which are expected to include both apartment and common area upgrades. Noting the property was well designed and well maintained, he called the community a rare opportunity for the market. Steven Feder, Triumph Properties Group president, said in a prepared statement that the firm competed with 30 other offers in the deal. IPA Senior Managing Directors Cliff David and Steve Gebing handled the transaction for IPA. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, which it identified as a private family/operating partner, and procured Triumph Properties Group as the buyer.

for $13.6 million, according to Yardi Matrix data. Equity Residential sold the property in June 1997 to TheoPacific Corp. The 11.2-acre property compriese 13 two- and three-story buildings and was developed in 1985 by Evans Withycombe Residential Inc., which was sold in 1997 to Equity Residential Properties Trust. READ ALSO: Equity Residential Sells Phoenix Community for $31M The Los Angeles-based real estate investment, management and development firm purchased the 1980s-era community with plans to fully renovate the property. The purchase marks Triumph Properties Group’s first foray into the Phoenix multifamily market. Triumph Properties has planted a flag in Phoenix with the $49.5 million acquisition of Deer Creek Village, a 308-unit apartment community on the city’s north side. Image courtesy of Triumph Properties Group

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