Phoenix – A venture formed by TruAmerica Multifamily in Sherman Oaks, Calif. (Robert Hart, pres.) and The Guardian Life Insurance Co. of America in New York City, N.Y. paid $35.4 million ($139,370 per unit) to buy the 254-unit Avenue 25 apartments at 18250 N. 25th Avenue in Phoenix. The seller was Retreat at Union Hills LLC, a company formed by NextGen Apartments in Scottsdale (Hilton Efune, principal). The sale was brokered by Rue Bax, Alon Shnitzer, John Kobierowski, Doug Lazovick and Eddie Chang of ABI Mutifamily in Phoenix. Maricopa County records show Villa Rita Fee Owner LLC (TruAmerica/Guardian entity) acquired the property with a $24.78 million loan from Capital One. The newly built apartments were sold through a pre-sale agreement. In June 2012, Retreat at Union Hills LLC paid $3.55 million to purchase the 8.91-acre site for Avenue 25. The parcel is located along the east side of Interstate 17 and is just south of Union Hills Drive. The apartments were 65 percent occupied as of close of escrow. The investment marks the entrance into the Phoenix multi-family market for the TruAmerica/Guardian venture.
