TruAmerica Multifamily, a vertically integrated, value-add multifamily investment firm, in partnership with funds managed by Oaktree Capital Management, a global investment manager, has acquired two multifamily properties in Phoenix and Las Vegas in separate transactions totaling $142.1 million.
The first property is Galleria Palms, a 424-unit multifamily property in the Phoenix submarket of Tempe, was purchased for $75.1 million. The property consists of one- to three-bedroom units on a 27-acre site. Community grounds include two swimming pools and spas, clubhouse and fitness center and other distinctive facilities. Galleria Palms is the fifth asset in the Phoenix metro for TruAmerica, whose local portfolio now counts just under 2,000 units.
TruAmerica and Oaktree also acquired Aviata, a 456-unit multifamily property in the Las Vegas submarket of Henderson/Paradise Valley, in an off-market transaction for $67 million. Aviata is TruAmerica’s eighth investment in the La
