TruAmerica has purchased a 644-unit apartment community called Scottsdale Springs for $80.9M—the firm’s largest investment in Arizona. Phoenix CBRE’s Tyler Anderson and Sean Cunningham negotiated the off-market transaction on behalf of the seller.
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Sean says Scottsdale Springs features some of the lowest rents in Downtown Scottsdale and presents a good opportunity to dramatically increase net operating income through interior and common area improvements.
TruAmerica plans to invest $10M in renovations to the community at 7791 East Osborn Road, originally built in 1980. The end goal is providing luxury living to working class families and individuals. TruAmerica’s in-house construction management team will handle the makeover. The property will feature a new clubhouse with a state-of-the-art fitness center, media and business center and a rooftop lounge once renovations are complete.
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TruAmerica COO Lynn Owen says the apartments will offer an unparalleled amenity package at prices that beat the newest Class-A product in Downtown Scottsdale. It's one of very few low-density garden style complexes in Scottsdale.
This is TruAmerica’s third Arizona acquisition in the last nine months. Between Phoenix and Chandler, the firm holds some 1,500 multifamily units and has invested roughly $225M in Arizona since 2014.
