TruAmerica Multifamily has purchased The Urban, a 432-unit luxury property in Phoenix, and the 468-unit Viera Cool Springs in Nashville, Tenn., in separate transactions. The company paid a combined $196 million for the two garden-style communities.
The new owner plans to implement improvements at both properties’ interiors and exteriors, but still keep rents within reach for most renters in both metros.
Built in 2005, The Urban is located at 3601 E. McDowell Road, within a 6-mile radius of several employment hubs. The property features studios and one- to three-bedroom apartments, ranging from 476 to 1,151 square feet, according to Yardi Matrix data. Amenities include two swimming pools, an outdoor kitchen, a fitness center and community green space.
Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek of Newmark Phoenix completed the $96 million deal on behalf of seller Knightvest Capital.
TruAmerica has been expanding its Phoenix-area portfolio in the past six years. In March 2020, TruAmerica acquired Mission Springs Apartments, a 306-unit community in Tempe, for $54.1 million.
Viera Cool Springs
Located at 300 Royal Oaks Blvd. in Franklin, Tenn.—25 miles south of downtown Nashville—Viera Cool Springs was completed in 1987. Its one- and two-bedroom units span across 38 two-story buildings on roughly 36 acres, the same data provider shows.
Amenities include tennis courts, two swimming pools, a clubhouse and business center, a yoga studio and fitness center.
Lindemann Multifamily sold the property for $100 million after purchasing it in 2013 for $44 million. Newmark Executive Managing Directors Tarek El Gammal and Vincent Lefler in Nashville represented both parties in the off-market deal.