FAIRFIELD, CA—TruAmerica Multifamily, and the Guardian Life Insurance Company of America, continues its targeted Bay Area expansion with the $26 million acquisition of Summit at Paradise Valley, a 180-unit apartment complex in Fairfield.

The transaction was completed in partnership with Intercontinental Real Estate Corporation and benefits from attractive seven-year agency financing with full-term interest only payments arranged by Capital One Commercial Bank.

“Fairfield is somewhat of an undiscovered submarket where current conditions offer a tremendous investment opportunity,” says Greg Campbell, director of acquisitions at TruAmerica. “Rent growth in Vallejo-Fairfield is trending upwards in a pretty big way, and the submarket is ranked in the top six percent nationally in terms of vacancy projection for the next five years. At present, there are no new multifamily developments under construction in Fairfield, and ground-up development is very costly in the region's current economic environment. The market conditions, coupled with a desirable location in close proximity to major employment centers and freeways, make Summit at Paradise Valley an excellent value-add investment opportunity.”