RICHMOND, CA—TruAmerica Multifamily has acquired Summit at Hilltop, a 240-unit apartment complex in Richmond, for $38.8 million. The transaction was completed in conjunction with Intercontinental Real Estate Corporation, which was led by Jessica Levin, Director, Acquisitions, and represents the third such partnership between TruAmerica and Intercontinental. The investment will benefit from attractive seven-year Fannie Mae fixed rate financing with full term interest-only payments arranged by Troy Tegler and Brian Eisendrath of CBRE. Following last month's purchase of Summit at Paradise Valley in Fairfield, CA, Summit at Hilltop represents the fourth Bay Area acquisition to TruAmerica's growing multi-state portfolio.

“The San Francisco Bay Area continues to be a top target as we expand our reach, and Richmond's favorable economic and real estate market conditions make the East Bay city one of the strongest rental submarkets in the region,” says Greg Campbell, senior managing director of acquisitions at TruAmerica. “With convenient access to major employment centers, competitive amenities and retail centers, Richmond offers an affordable alternative to renters who are priced out of neighboring communities, including El Cerrito, Berkeley and Emeryville. Summit at Hilltop presented a unique value-add opportunity to invest in a high-quality 1990s asset in an attractive walkable neighborhood.”

Situated on a highly desirable hilltop, the apartment complex boasts dramatic bay and city views from a majority of its 240 units. Spanning 10 buildings across 12 acres, Summit at Hilltop is comprised of a mix of well-designed one- and two-bedroom floor plans. In addition to offering rare bay views, the property also provides residents with a fully walkable neighborhood created by two major retail and entertainment centers located within close proximity. Capitalizing on the temperate Northern California climate, the resort-style design of Summit at Hilltop embraces an active indoor/outdoor lifestyle through an array of fitness amenities and attractive architecture. The property is also convenient to Interstate 80, providing high visibility to the heavily trafficked freeway and a short commute to the largest employment centers in the East Bay.