Noah E. Hochman

Investors are heading to secondary markets, like Phoenix and Las Vegas, for multifamily investment opportunities, which are showing stronger rent growth. TruAmerica Multifamily, in a joint venture with Oaktree Capital Management, has purchased two multifamily properties in Las Vegas and Phoenix for a total of $142 million. The two properties include Galleria Palms, a 424-unit multifamily property in Tempe, which the firm acquired for $75.1 million, and Aviata, a 456-unit multifamily property in Henderson/Paradise Valley, which the firm purchased for $67 million.