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TruAmerica Acquires Baltimore Apartment Building
TruAmerica Multifamily has acquired two apartment communities, including the Arbor Ridge multifamily property in the Baltimore metro area.
“These acquisitions showcase our ability to unlock value through comprehensive asset management,” said Bob Hart, Founder and CEO of TruAmerica. “We see tremendous opportunity to enhance the resident experience, improve community operations, and deliver lasting value.”
Arbor Ridge Apartments, located in Owings Mills, Maryland, was built in 1999 and consists of 348 units. TruAmerica’s strategy will focus on operational enhancements and reinvestment that prioritize residents’ needs, including interior upgrades and amenity improvements.
CBRE facilitated the transaction, with Bill Roohan and Brian Margerum leading investment sales, while Ryan Greer and Maxi Leachman arranged the permanent financing. TruAmerica also purchased Bahama Bay, a 162-unit, three-story garden-style community in Florida, in a deal facilitated by Shelton Granade, Luke Wickham, and Justin Basquil of IPA.
