TruAmerica Expands Seattle-Area Portfolio

RENTON, WA—Los Angeles-based investment firm TruAmerica Multifamily expands its metro-Seattle footprint and nearly 10,000 unit multi-state apartment portfolio with the acquisition of Montclair Heights, a 174-unit multifamily complex in Renton, a suburb of Seattle. Today’s purchase of Montclair Heights marks TruAmerica’s third deal in Washington, with previous acquisitions including Arcadia Luxury Townhomes in Federal Way for $54 million (December 2013) and Westhaven Apartments in Seattle for $27 million (March 2014). The firm completed the transaction in partnership with LEM Capital, L.P. and financed with a five year rehab bridge loan from OneWest Bank.

“Metro Seattle continues to remain one of TruAmerica’s top investment targets as the firm expands its footprint in attractive submarkets in the Western United States,” said Noah Hochman, director of acquisitions at TruAmerica Multifamily. “We are pleased to complete our third property acquisition in the region following our purchases of Arcadia Luxury Townhomes and Westhaven Apartments. Montclair Heights is a very attractive value-add asset and Renton has enjoyed some of the strongest economics in Seattle, with an average apartment vacancy of only 3.1%.”