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Follow on Google News | TruAmerica Multifamily Makes Largest Investment in Arizona with $80.9 Million Scottsdale BuyBy: TruAmerica Multifamily Located at 7791 East Osborn Road, Scottsdale Springs is the third acquisition in Arizona in the past nine months for TruAmerica, whose portfolio in the Grand Canyon State now totals 1,567 multifamily units in Phoenix and Chandler. The Los Angeles-based real estate firm has invested approximately $225 million in Arizona since it entered the market in 2014. Last month, the firm acquired Villa Blanco, a 379-unit community in Tempe for $56.7 million. "Unlike many of the other major Western markets, Phoenix is still in the prime of its post-recession economic growth," said TruAmerica Senior Managing Director of Acquisitions and Dispositions Greg Campbell. "Phoenix is forecasted to lead the nation in job growth over the coming years and is further aided by the growing demand by Millennials to target 'Sun Belt' markets. Downtown Scottsdale is Phoenix' strongest submarket and is emerging as one of the most dynamic technology employment markets in the Western United States. Consequently, we continue to seek out sound investment opportunities here." Built in 1980, Scottsdale Springs features a mix of one-, two-, and three bedroom floor plans ranging in size from 680 to 1,440 square feet in one of the few low-density garden style multifamily environments in Scottsdale. Community amenities include three resort-style pools, dog park, clubhouse, outdoor kitchens and barbecue areas. TruAmerica will invest an additional $10 million on a comprehensive renovation program that will transform the property to create a luxury living environment that will still be affordable for working class families and individuals. Facilitated by TruAmerica's in-house construction management team, improvements will include interior upgrades to all residential units, the construction of a highly amenitized clubhouse with state-of-the- "When completed, residents will benefit from an amenity package unparalleled in the submarket at this price point and, more importantly, post-renovation rents will be well below that of the newest Class A product in Downtown Scottsdale," Tyler Anderson and Sean Cunningham with CBRE's Phoenix office negotiated the transaction on behalf of the seller. "Scottsdale Springs features some of the lowest rents in Downtown Scottsdale and presents a truly unique opportunity to dramatically increase net operating income through interior and common area improvements," About TruAmerica Multifamily TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country's most active multifamily investors and manages a $5.9 billion portfolio of approximately 28,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah and Maryland. For more information on TruAmerica Multifamily, visit http://www.truamerica.com or call (424) 325-2750. End
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