Multifamily Complex Purchased in Second Acquisition Venture by TruAmerica
October 22, 2015
Chandler, Arizona, known as one of America’s 50 best cities to live in according to Businessweek.com, is attracting many young professionals and working class families who are looking for affordable housing and unmatchable quality of life.
TruAmerica Multifamily recently purchased Trevi, a community in Chandler with 290 units, resort-style pools, spas, a resident lounge, bocce ball courts,grape vineyard, fitness center and many more amenities. Although Trevi is already 97 percent occupied, TruAmerica plans to invest in a $3 million capital improvement program to make the community even better and more desirable.
“Chandler has a very compelling rental demographic,” said TruAmerica Senior Managing Director of Acquisitions, Greg Campbell. “Home prices are more than 10 percent above the U.S. median, which is preventing many younger families and individuals from purchasing a home. This has created a heightened demand for quality multifamily rental housing as renting becomes a much more affordable alternative for this demographic, especially with the added incentive of high-end amenities.