TruAmerica Multifamily, owner and operator of more than 3,000 multifamily units in the Phoenix metro, has acquired Rise on Peoria, a 164-unit garden-style apartment community for $45.4 million.
The property constitutes a compelling value-add opportunity with 130 of the apartment homes available for full or partial renovation.
Built in 1986, Rise on Peoria, which has been rebranded as “Verve,” offers a mix of one- and two-bedroom apartment homes. TruAmerica’s capital improvement plan will include the renovation of all unit interiors, as well as targeted improvements to exteriors and amenity spaces to create a highly differentiated product among its competitors that meets the ongoing demand for quality, affordable multifamily housing.
“The nation-leading population and job growth in Phoenix over the last several years has led to the localized expansion of the major employment centers such as Deer Valley that is within a short drive of the community,” said Zach Rivas, TruAmerica Senior Director of Acquisitions who oversees the firm’s investment efforts in the western U.S. “This has led to increasing demand that has not yet kept up with supply of much needed rental housing throughout Metro Phoenix.”
According to the Census Bureau, Phoenix has experienced an influx of 160,000 new residents over the past 10 years, raising the overall population by 11.2 percent over that time period, the top growth rate among big American cities. Phoenix is the fifth-biggest urban center in the U.S, creating heightened demand for quality housing.
“Verve is a strategically located institutional-quality asset that will help fortify our portfolio and position in the market,” Rivas concluded.
Brad Goff, Brett Polachek and Chris Canter in Newmark’s Phoenix office represented both parties in the transaction.