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TruAmerica Expands Footprint with $86M Fountain Valley Buy

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Los Angeles-based TruAmerica Multifamily, in partnership with capital partner ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, acquired Corte Bella, a 251-unit multifamily community in Fountain Valley, CA for $85.8 million.

Built in 1969, the 97%-occupied property is located on an ultra-low-density 12-acre site at 9580 El Rey Ave. The community features a mix of one and two-bedroom apartment homes, with private garages in 33, two-story residential buildings. Common area amenities include seven swimming pools, fitness center, dog park, courtyards and barbecue picnic areas.

This is TruAmerica’s second significant Orange County investment in the past six months. Earlier this year, it acquired a 264-unit apartment community in Huntington Beach for $90.5 million. Both are among the county’s largest single asset multifamily acquisitions in 2018.

Moran & Company’s Mike Murphy, Tom Moran, Jr. and Mary Ann King marketed the property on behalf of the undisclosed seller.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.