TruAmerica Multifamily Absorbs Large Pacific Northwest Portfolio
Los Angeles-based TruAmerica Multifamily recently acquired a portfolio of seven multifamily properties from Equus Capital Partners for $255 million. The apartment buildings are located in the Pacific Northwest cities of Portland, Salt Lake City, and Seattle.
The deal adds over 1,800 units to TruAmerica Multifamily’s portfolio in the area, bringing it to more than 6,000 dwellings. It is the third portfolio acquisition TruAmerica Multifamily has made with partners Allstate Corp. and Guardian Life Insurance Company of America in the past 15 months.
TruAmerica plans to spend $30 million on renovations to the buildings in this most recent purchase. The firm’s executives were attracted to the locales because of their strong economies and employment rates.