PHOENIX—TruAmerica Multifamily and anaffiliate of Berkshire Group acquiredAvenue 25 Apartments in Phoenix in a joint venture for $35.4million. TruAmerica Multifamily is the investment firm formed byRobert E. Hart and The Guardian LifeInsurance Company of America. The off market transactionwas completed with pre-stabilization debt financing provided byCapital One Commercial Bank.
Avenue 25 is TruAmerica's first Arizona purchase and theinvestment firm's twelfth acquisition in its inaugural year, whichincludes new acquisitions valued at over $612 million acrossArizona, California, Colorado and Washington.
Avenue 25 is Berkshire's second Arizona acquisition and marksthe evolution of its presence in the Phoenix market.
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