TruAmerica Picks Up $50M Asheville Asset

TruAmerica Multifamily acquired Westmont Commons, a 252-unit multifamily community in Asheville, NC. The asset was purchased off-market for $49,875,000 in partnership with Spoke Real Estate Capital. The seller was undisclosed.

TruAmerica Multifamily’s Bob Hart added, “We expect to deliver an upgraded community to the market to meet demand for workforce housing that will be achieved via renovations, professional property management and operational efficiencies.”

TruAmerica plans to execute a value-add asset improvement campaign to reposition the property, which was built in two phases in 2003 and 2008. All 252 homes and the exterior are slated to be upgraded.

The property has a community clubhouse with kitchen and game room, outdoor pool with sundeck, off-leash dog park, 24/7 fitness center, picnic area with outdoor grill and offers views of the Blue Ridge Mountains.

Greystone, a leading multifamily lender, provided a Freddie Mac Optigo® loan to finance the acquisition, which Rob Russell and Richard Kourbage originated.

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