TruAmerica Pays $81M for Scottsdale Apartments

TruAmerica Multifamily, headquartered in Los Angeles, paid $80.9 million to acquire the 644-unit Scottsdale Springs apartments in Scottsdale, AZ. Abacus Capital Group LLC, based in New York City, was the seller. Abacus Capital acquired the property in 2010 for $53.6 million, at the bottom of the real estate market. The complex was built in 1979.

Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office negotiated the deal for the property at 7791 E. Osborn Rd. in Scottsdale. The buy brings TruAmerica’s Phoenix-area holdings to 1,567 units. TruAmerica, a venture between Robert Hart (formerly head of Kennedy Wilson Multifamily Management Group) and The Guardian Life Insurance Co. of America, is reportedly interested in purchasing additional multifamily properties in Phoenix.