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5/30/18
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TruAmerica Multifamily and Oaktree Capital Management have teamed up in the purchase of two multifamily properties in Phoenix, AZ and Las Vegas, NV in separate transactions totaling $142.1 mil. The assets have a combined 880 units.
Galleria Palms, a 424-unit multifamily property in the Phoenix submarket of Tempe, was purchased for $75.1 mil ($177.1k/unit). Built in 1997, it is one of the few low-density, garden-style communities in Tempe.
The property consists of one- to three-bedroom units on a 27-acre site. All units feature upscale amenities like full-size washers/dryers and walk-in closets. Community grounds include two swimming pools and spas, clubhouse and fitness center and other distinctive facilities. Served by two freeways, U.S. 60 and I-10, Galleria Palms’ central location puts residents within a 20-minute drive of more than 500,000 jobs.
Galleria Palms is the fifth asset in the Phoenix metro for TruAmerica, whose local portfolio now counts just under 2,000 units.
The venture also acquired Aviata, a 456-unit multifamily property in the Las Vegas submarket of Henderson/Paradise Valley, in an off-market transaction for $67 mil ($147k/unit). Built in 1998, Aviata offers a mix of one- and two-bedroom units, with amenities including nine-foot ceilings, central heating and air conditioning full-size washers/dryers, and walk-in closets. In addition, the property’s grounds are enhanced by some of the most lush and dense landscaping of any community in the Las Vegas Valley.
Aviata is TruAmerica’s eighth investment in the Las Vegas and increases the company’s portfolio in the region to 3,251 units.
Under the direction of Amir Eshkol, Senior Managing Director of Capital Improvements, TruAmerica will undertake a significant capital improvement program on both properties, including upgrading all unit interiors, renovating all community amenities including pool areas and clubhouses, as well as refreshing exteriors and landscaping to enhance the curb appeal.
“We like the long-term outlook for Phoenix and Las Vegas based upon positive demographics and the high demand for rental housing,” commented Mark Jacobs, Managing Director of Oaktree.
“With our existing influence in the market, there is an opportunity to achieve synergy through economies of scale and leveraging existing operational experience,” added Zach Rivas, Director of Acquisitions for TruAmerica. “The Southeast Valley's robust job market, along with Aviata's central location and its high quality of construction, make it a solid addition to TruAmerica's already strong presence in Las Vegas.”
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