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10/06/25
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TruAmerica Multifamily has acquired Park Tower Apartments, a 180-unit res community in Chandler, AZ, for $40.1 mil ($223k/unit). The property was sold by Univest.
Constructed in 1986, Park Tower Apartments offers a mix of newly renovated one- and two-bedroom floor plans designed for modern living. Each unit features open-concept layouts, spacious private patios and upgraded interiors. Located in the Chandler submarket, Park Tower benefits from its proximity to major employment hubs, dining and recreational amenities.
Chris Canter, Brad Goff and Brett Polachek with Newmark represented TruAmerica in the acquisition. Mitch Clarfield, also with Newmark, secured the financing from Fannie Mae on behalf of the buyer.
The national multifamily market recorded $45.2 bil in transaction volume, a 12% increase from Q1 2025, driven by improved debt market conditions and renewed investor interest in core-plus and value-add properties, according to Newmark’s Q2 2025 U.S. Multifamily Capital Markets Report. In the Southwest, transaction activity surged, with cap rates for stabilized assets averaging 5.8%, down 30 basis points year-over-year. Leverage levels improved to an average of 65% LTV, supported by competitive lending from Fannie Mae, Freddie Mac and life insurance companies. Class B properties with recent renovations, like Park Tower, are commanding premium pricing due to strong renter demand for upgraded units in high-growth secondary markets.
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