Los Angeles-based TruAmerica Multifamily has expanded its footprint in Phoenix and Nashville with the purchase of two garden-style apartment buildings in separate transactions for a combined $196 million. The two properties total nearly 1,000 units.
In Phoenix, TruAmerica purchased The Urban, a 435-apartment. The acquisition brings the firm's Arizona portfolio to 3,000 units with assets in Phoenix, Tempe, Avondale and Chandler. It is the firm's second purchase this year in the market. In January, it acquired The Bella, a 200-unit garden-style community in North Phoenix.
In Nashville, TruAmerica purchased Viera Cool Springs, a 468-unit property built in 1987. This is the firm's second acquisition in the market. It entered Nashville with the acquisition of Southpoint at Stones River, a 410-unit community in Hermitage, which it acquired for $100 million.
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Kelsi Maree Borland
