LOS ANGELES—Last week, we reported that TruAmerica Multifamily in partnership with its institutional equity investors including Allstate and the Guardian Life Insurance Co. of America completed a $104.75 million purchase of a five-property off-market multifamily portfolio with assets located in submarkets of Seattle, WA and Portland, OR. Noah Hochman, senior managing director of acquisitions and investor relations for the firm tells GlobeSt.com why the firm continues to target investment opportunities in the Pacific Northwest.
"Seattle and Portland demonstrate some of the best economic fundamentals in the country right now," Hochman tells GlobeSt.com. "The combination of higher wage job creation and superior quality of life continues provide a strong driver and magnet bringing new people to the region every month."
He points out that "Newer construction and urban locations in these markets have priced out many well qualified tenants from renting."
The firm's strategy, he adds, is to provide higher quality housing and affordable rental units for working class families and young professionals to nearby suburban locations for this segment of the market. "We see this trend continuing over the next several years which provides an attractive value proposition to renovate and reposition older assets that are longing for fresh capital and management."
In the past six months, TruAmerica and its institutional partners have invested approximately $600 million in the acquisition of more than 3,800 units in suburban Seattle and Portland bringing the total number of assets under management in the Pacific Northwest to almost 7,000 units.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
