Santa Barbara, Calif.-based Nevins/Adams Properties has purchased Towne Square Apartments, a 584-unit garden-style apartment complex in the Phoenix suburb of Chandler, Ariz., for $33.3 million. Chicago-based Equity Residential Properties Trust was the seller. Nevins/Adams has budgeted $750,000 for renovation and property-enhancement projects in 2001.
The complex, which was built in two phases in 1987 and 1995, features one-bedroom, two-bedroom and three-bedroom units. The average unit size is 913 sq. ft. Towne Square has four swimming pools and a fitness facility.