TruAmerica Buys Suburban Phoenix Community for $45M
The company plans to renovate the 164-unit property through a capital improvement plan.
In a $45.4 million deal, TruAmerica Multifamily has acquired Rise on Peoria, a 164-unit garden-style community in Glendale, Ariz., from Rise48 Equity. Newmark represented both parties in the transaction.
The property last changed hands in 2021, when WhiteHaven Capital sold the community for $28.7 million, according to Yardi Matrix data.
TruAmerica is planning to renovate Rise on Peoria, which has been rebranded as Verve, through a capital improvement plan.
Built in 1986 and spanning approximately 6 acres, the community comprises 16 two-story buildings. The floorplan mix includes one- and two-bedroom apartments with an average size of 665 square feet. Interiors feature microwave ovens, washers and dryers in all units, as well as private balconies. Common-area amenities include covered parking, a spa and two swimming pools.
Located at 5020 W. Peoria Ave., the property is roughly 14 miles from downtown Phoenix, providing easy access to Interstate 60. Arizona State University West Campus is less than 2 miles away. Dining and retail options are available in the immediate area and along West Peoria Avenue. Phoenix Sky Harbor International Airport is within 18 miles.
Executive Managing Director Brad Goff, along with Senior Managing Directors Brett Polachek and Chris Canter, led the Newmark team that arranged the transaction.
TruAmerica is also expanding its Austin footprint. Just last month, the company acquired a 230-unit community which will also undergo renovations through a multimillion-dollar improvement plan.