LOS ANGELES—TruAmerica Multifamily‘s recent purchase of the 14-property JH Real Estate portfolio is a marvel. GlobeSt.com reported earlier this week that the multifamily investor purchased the portfolio, which is located in markets throughout Southern California, for $481 million. The portfolio would have taken years to assemble had the properties been purchased individually. Even better for TruAmerica, each of the 14 properties fit in perfectly with the company’s investment strategy, which is to buy West Coast class-B assets with a value-add component.
“We have an opportunity here to really transform these communities and significantly improve the rental experience, while at the same time producing a return for our investors,” Mark Enfield, chief administrative officer at TruAmerica Multifamily, tells GlobeSt.com. “This is all workforce housing, but there are a number of things that you can do to these assets to make it much nicer for the renters. These are predominately 1980s vintage assets that haven’t had unit interior upgrades done to them, so when you put in new appliances, quartz countertops and new lighting, that all makes a huge difference in these interiors.”