PHOENIX, ARIZONA – TruAmerica Multifamily (“TruAmerica”) has added nearly 1,000 apartment homes to its national multifamily portfolio after closing on two garden-style communities in Nashville, TN and Phoenix, AZ, in separate transactions totaling $196 million.
TruAmerica continues its focused push into Arizona with the acquisition of The Urban, a 435-apartment home community in Phoenix. Since entering the market six years ago, TruAmerica’s portfolio in Arizona has grown to more than 3,000 units with assets in Phoenix, Tempe, Avondale and Chandler. This is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit garden-style community in North Phoenix, in January.
Built in 2005, The Urban is located at 3601 East McDowell Road within a six-mile radius of the Valley’s established employment centers, which employ approximately 550,000 workers.
“With a business-friendly environment, an affordable cost of living, diverse economy, and abundant job opportunities in nearly every field, Phoenix is the fastest growing city in the nation,” said Zach Rivas, TruAmerica Senior Director of Acquisitions who oversees the firm’s investment efforts in the Western U.S. “Numerous corporations have relocated and expanded in the area driving the in-migration of the millennial population, which is known for their preference to rent rather than own.”
The controlled access property features floorplans that range in size from studio to three-bedroom, two-bathroom units. The property’s numerous amenities include two swimming pools, an outdoor kitchen, fitness center, and ample community green space.
In a separate transaction, TruAmerica has also acquired Viera Cool Springs, a 468-unit property built in 1987. Viera Cool Springs is TruAmerica’s second investment in the Nashville MSA. The Los Angeles-based real estate investment firm entered the market in January with the acquisition of Southpoint at Stones River, a 410-unit community in Hermitage.
Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. Its one- and two-bedroom apartment homes are situated in 38 two-story buildings on a low-density 36.5-acre site. Common area amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center.
TruAmerica plans to make targeted, accretive improvements to the interiors and exteriors of both properties in order to keep the properties on par with the competitive set in both markets while still keeping rents within reach of the majority of renters.
Brad Goff and Brett Polachek in the Phoenix office of Newmark marketed The Urban on behalf of the seller, a national multifamily investment firm. Tarek El Gammal and Vincent Lefler, who co-manage the Nashville office of Newmark, represented both parties in the sale of Viera Cool Springs.