Debt-laden Neiman Marcus abandons hope of a sale

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Ares Management (ARES) & TruAmerica Multifamily Purchase 240-Unit Community in Phoenix for $31M

June 14, 2017 5:45 AM EDT

Funds managed by Ares Management, L.P. (NYSE: ARES) and TruAmerica Multifamily announced today the acquisition of Broadstone Gateway, a 240-unit family community in the Phoenix, AZ metro area. The transaction was valued at $30.75 million.

Broadstone Gateway is located at 1700 North 103rd Avenue in Avondale, 20 miles west of downtown Phoenix. Built in 2004, the pet-friendly, gated community features a mix of one-, two- and three-bedroom open concept living spaces. Amenities include a resort-inspired swimming pool and spa with poolside cabanas, fitness center, community barbecues, bocce ball court and playground.

This is the second... More