CHANDLER ARIZ. — Los Angeles-based investment firm TruAmerica has acquired Park Tower in the Phoenix suburb of Chandler. The community is comprised of 180 garden-style units built in 1986 and 77 townhomes built in 2017. TruAmerica is planning to execute a value-add strategy with renovations and a rebranding, changing the name to Parklane Commons. Chris Canter, Brad Goff and Brett Polachek of Newmark along with Dan Cheyne of Berkadia brokered the off-market transaction, and Mitch Clarfield, Meghan Varga and Garrett Swanky of Newmark arranging the financing. The seller and sales price were not disclosed. Along with news of the Chandler acquisition, TruAmerica also announced buying Archstone Redmond View in Redmond, Washington. That asset was sold by AvalonBay for $63.3 million.
Park Tower is comprised of a mix of garden-style apartments and townhomes built in 1986 and 2017, respectively. Along with an asset in the Seattle metro area, TruAmerica has acquired Park Tower.
TruAmerica Acquires Park Tower in Metro Phoenix
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