A venture led by TruAmerica Multifamily has paid Alliance Residential Co. $47.5 million, or $163,793/unit, for the 290-unit Trevi apartment complex in Chandler, Ariz., near Phoenix.
TruAmerica, a Los Angeles investment firm formed by Guardian Life Insurance and Robert Hart, former president of Kennedy Wilson Multifamily Management Group, teamed with an institutional investor in the deal.
The venture plans to invest another $3 million upgrading the property, at 635 South Ellis St., which was built in 2005. It is 97 percent occupied.
The property includes two swimming pools and spas, a clubhouse and resident lounge, bocce ball courts, an outdoor kitchen and...

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