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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