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TruAmerica, Investcorp Buy $86M Apartment

SAN DIEGO—“San Diego is experiencing an overwhelming supply-demand imbalance, and with a strong barrier to entry for new development, the competition for institutional quality multifamily assets is fierce,” a TruAmerica source tells GlobeSt.com's Natalie Dolce.

By Natalie Dolce | Updated on January 09, 2015

SAN DIEGO—TruAmerica Multifamily and joint venture partner Investcorp have acquired the 456-unit Waterleaf Apartments in the North San Diego County suburb of Vista in an off-market transaction valued at $86.2 million. The seller of the property was RedHill Realty Investors and AEW Capital Management.  

With the acquisition of Waterleaf, TruAmerica has been involved in two of the largest multifamily transactions recorded in supply-constrained San Diego County in the past 18 months. TruAmerica also advised on the $81 million October 2013 acquisition of Plaza D’Oro, a 221-unit class A apartment community in Oceanside, as GlobeSt.com previously reported. 

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