TruAmerica Multifamily Acquires $47M Renton MF

TruAmerica Multifamily acquired Plum Tree Park, a 96-unit Renton multifamily property for $47.4 million.

The Los Angeles-based investment company bought the 34-year-old garden-style asset at 200 SW Fifth Place. The 14-building property occupies 8.1 aces on Rainier Avenue South.

The price is 7% less than the assessed value of nearly $51 million, reported the Puget Sound Business Journal. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino brokered the deal. The seller is a limited liability company whose Boston address is the same as Eaton Vance, a wealth manager to financial advisers and high-net-worth individuals.

The company is planning a comprehensive renovation program, including upgrading 95% of units with quartz countertops, wood-style flooring and stainless steel appliances. The complex’s one- and two-bedroom units average 865 square feet, with fireplaces, in-unit laundry and private outdoor space. Amenities include the clubhouse, an outdoor pool, fitness facilities, dog park, playground and covered parking.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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