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8/02/19
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Bluerock Real Estate recently completed a significant multifamily acquisition from TruAmerica Multifamily. The purchase is of Denim Scottsdale, a 644-unit community in Scottsdale.
Located at 7791 E. Osborn Rd, Denim Scottsdale is a garden-style community featuring a state-of-the-art fitness center, resort-style swimming pool and contemporary resident clubhouse.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties represented TruAmerica Multifamily as the seller. The seller made significant improvements that were well-received by the investment community.
According to CBRE Research, Phoenix multifamily year-over-year rent growth significantly outperformed the rest of the nation in Q2 2019 increasing 8.4% for all asset classes compared to the national average of 2.9%.
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