The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





MULTIFAMILY NEWS
Printer-friendly Version   Email an Associate
Ares Management L.P. and TruAmerica Multifamily Pick Up 240-Unit AZ Res Property

6/23/17

Broadstone Gateway, a 240-unit family community in the Phoenix metro area, was purchased by Funds managed by Ares Management L.P. and TruAmerica Multifamily in a recent $30.75 mil transaction. Broadstone Gateway is located at 1700 North 103rd Avenue in Avondale, 20 miles west of downtown Phoenix.

Built in 2004, the pet-friendly, gated community features a mix of one-, two- and three-bedroom open concept living spaces. Amenities include a resort-inspired swimming pool and spa with poolside cabanas, fitness center, community barbecues, bocce ball court and playground.

The new owners will immediately execute a multimillion-dollar capital improvement program. Changes to the unit interiors will include new faux-stainless steel appliances, quartz kitchen and bathroom countertops, wood-style flooring, and new lighting and plumbing fixtures. Significant improvements will also be made to the pool area, clubhouse and fitness center, along with new signage and landscaping to enhance the curb appeal of the property.

This is the second investment for the Ares-TruAmerica joint venture, which in November acquired a 1,402-unit multifamily portfolio in Baltimore, MD for $236 mil.

“Avondale is an example of the first ring suburban submarket in which we typically invest and can add meaningful value,” said Noah Hochman, Senior Managing Director of Capital Markets for TruAmerica Multifamily. “We look for areas with great schools and a transportation infrastructure in place that allows residents to easily commute to jobs in the region.”

With approximately $10 billion in assets under management across equity and debt strategies as of March 31, 2017, the Ares Real Estate Group has a significant presence in the multifamily sector. Over the past decade, Ares’ U.S. equity value-add strategy has invested in over 31,000 units across its most recent funds.

With the acquisition of Broadstone Gateway, TruAmerica adds 240 units to the 1,567 units it already owns in the greater Phoenix area. TruAmerica specializes on acquiring and renovating Class B multifamily properties to create affordable quality rental housing for middle-income families.

Steve Gebing and Cliff David with Institutional Property Advisors represented both parties in the transaction.






Return to the Archive page
 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media