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TruAmerica, Oaktree JV Acquire MF’s for $142M
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TruAmerica Multifamily, in partnership with funds managed by Oaktree Capital Management, LP acquired two multifamily properties in Phoenix and Las Vegas in separate transactions totaling $142.1 million.
Galleria Palms, a 424-unit multifamily property in the Phoenix submarket of Tempe, was purchased for $75.1 million. 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 at 1600 La Jolla Dr.
TruAmerica and Oaktree also acquired Aviata, a 456-unit multifamily property at 2121 E Warm Springs Rd. in the Las Vegas submarket of Henderson/Paradise Valley, in an off-market transaction for $67 million.
TruAmerica plans to 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.
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- ◦Sale/Acquisition