TruAmerica Multifamily just made a significant investment in the San Diego market. The firm partnered with Allstate, the investor purchased Eagles Point Apartment Community in Escondido for $90 million. The purchase is the firm's largest in the San Diego market, which fits their guidelines for communities with strong job centers.
“The delivery of new units has not kept pace with demand across the market, and we see high occupancies in class “B” assets,” Greg Campbell, senior managing director of acquisitions and dispositions at TruAmerica, tells GlobeSt.com. “The quality of life offered in San Diego is of the highest order, and employers and their employees want to be there. We continue to look for class “B” assets through the County that need to be renovated or repositioned. We typically look for assets over 100 units built in the 1970's or later.”
For the firm's investment strategy, Eagles Point is a bull's eye. The 519 unit property was built in 1985 and has never been renovated, and it offers a mix of studio, one-, two- and three-bedroom apartments. It is also located near needs-based retail and two freeways. “The property has a job-centric location and is a quintessential workforce housing opportunity,” says Campbell. “The property has not been renovated since it was built in the mid 1980's, and we feel that we have a chance to lift the property to another level through an intensive renovation program.”
As with most of its new acquisitions, TruAmerica plans to renovate the property. “We will be performing a full exterior renovation to the buildings and common areas, including the addition of new amenities,” explains Campbell. “We will also be renovating the unit interiors to an attractive level that will appeal to today's renter, capturing potential residents that have heretofore looked elsewhere.”
TruAmerica purchased the property with a combination of debt and equity. Troy Tegeler of CBRE secured financing through Fannie Mae, and CBRE's Kevin Mulhern, Rachel Parsons and Dixie Hall marketed the property on behalf of the seller.
TruAmerica Multifamily just made a significant investment in the San Diego market. The firm partnered with Allstate, the investor purchased Eagles Point Apartment Community in Escondido for $90 million. The purchase is the firm's largest in the San Diego market, which fits their guidelines for communities with strong job centers.
“The delivery of new units has not kept pace with demand across the market, and we see high occupancies in class “B” assets,” Greg Campbell, senior managing director of acquisitions and dispositions at TruAmerica, tells GlobeSt.com. “The quality of life offered in San Diego is of the highest order, and employers and their employees want to be there. We continue to look for class “B” assets through the County that need to be renovated or repositioned. We typically look for assets over 100 units built in the 1970's or later.”
For the firm's investment strategy, Eagles Point is a bull's eye. The 519 unit property was built in 1985 and has never been renovated, and it offers a mix of studio, one-, two- and three-bedroom apartments. It is also located near needs-based retail and two freeways. “The property has a job-centric location and is a quintessential workforce housing opportunity,” says Campbell. “The property has not been renovated since it was built in the mid 1980's, and we feel that we have a chance to lift the property to another level through an intensive renovation program.”
As with most of its new acquisitions, TruAmerica plans to renovate the property. “We will be performing a full exterior renovation to the buildings and common areas, including the addition of new amenities,” explains Campbell. “We will also be renovating the unit interiors to an attractive level that will appeal to today's renter, capturing potential residents that have heretofore looked elsewhere.”
TruAmerica purchased the property with a combination of debt and equity. Troy Tegeler of CBRE secured financing through
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