Berkeley Point Capital has provided $34.2m in agency debt financing to TruAmerica Multifamily and an investment group for the purchase of Trevi, a 290-unit community in Chandler, Arizona.
The off-market acquisition, which represents TruAmerica’s second in the greater Phoenix area, was valued at $47.5m. The seller was Phoenix, Arizona-based Alliance Residential Company.
Trevi, built in 2005, is 97 percent occupied. About 20 percent of the units have already been renovated and TruAmerica will undertake a $3m capital improvement program to complete the interior renovation of the remaining units.
TruAmerica specializes in repositioning apartment communities throughout the western US. Since 2013, the company has acquired a portfolio of 13,000 units valued at approximately $2.2bn.
“Home prices [in Chandler] are more than 10 percent above the US median, which is preventing many younger families and individuals from purchasing a home,” said Greg Campbell, TruAmerica Senior Managing Director of Acquisitions. “This has created a heightened demand for quality multifamily rental housing as renting becomes a much more affordable alternative for this demographic.”
In January, as part of a deal hailed as Southern California’s largest multifamily asset purchase in nearly two decades, Berkeley Point provided TruAmerica and a group of investors with a $354m Fannie Mae credit facility to purchase a 14-property portfolio.
And, just this week, CBRE Capital Markets’ Debt & Structured Finance announced that it arranged nearly $157m in financing for TruAmerica’s acquisition of a six-property, 1,413-unit multifamily portfolio in the Pacific Northwest states of Washington and Oregon.