TruAmerica Expands Footprint with $209M Buy

TruAmerica Multifamily increased its footprint in key U.S. multifamily markets after closing last week on garden-style communities in Las Vegas, Tampa and Salt Lake City in three separate transactions totaling $209 million. Combined, the properties total nearly 1,000 apartment homes and increase the Los Angeles-based firm’s portfolio to more than 45,000 units. 

Florida, Nevada and Utah, which represent approximately 25 percent of TruAmerica’s portfolio, are among the most fundamentally sound multifamily markets in the country, exhibiting solid wage, population and employment growth, according to Matthew Ferrari, TruAmerica co-chief investment officer. 

“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he says.

The three properties built between 1985 and 1995 represent value-add opportunities as each will benefit from TruAmerica’s targeted and accretive improvements to the interiors, exteriors and amenity spaces. The largest of the three communities is the 396-unit Stillwater Palms which is located at 2480 Cypress Pond Rd. in Palm Harbor, 23 miles west of Tampa. Vida is a 252-unit garden style community on 4.64 acres at 560 Hacienda Ave. in Las Vegas, two miles west of the Strip. Falls at Hunters Pointe is a 276-unit community located at 11251 South State St. in Sandy, UT.