DENVER—TruAmerica Multifamily and institutional capital partner Investcorp have acquired a 561-unit apartment home community in Denver's Cherry Creek submarket for $71 million. This latest acquisition represents TruAmerica's third joint venture with Investcorp and increases the firm's Denver portfolio to more than 2,200 units.
With its capital partners, TruAmerica acquires, renovates and repositions mid-tier apartment communities in Western U.S. growth markets, to create higher quality rental housing that is still affordable to renters being priced out of the urban core.
“This is our third transaction with TruAmerica this year. As we've done elsewhere through this partnership, we expect to bring significant upgrade capital to a property which already boasts a strong occupancy history and an excellent location in an improving submarket,” said Brian Kelley, Principal in Investcorp's Real Estate group.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
