This is TruAmerica's second significant investment in the region since entering the market five months ago with the $187 million acquisition of three apartment communities in Baltimore and Annapolis totaling 1,004 units.

In September, the Los Angeles-based company decided to open an office in the area to better focus on the region. It recruited Matthew Ferrari, previously Investments Director for AvalonBay Communities, to be its Eastern US Director of Acquisitions.

It also recruited David Myers, formerly a project manager in the Vienna, VA office of Fortune Johnson General Contractors, to be Director of Capital Improvements, and Benjamin Miller, SVP and head of asset management of Arbor Multifamily Acquisition Company (AMAC), as director of Asset Management.

TruAmerica now has more than 32,000 multifamily units under management with 2,400 in Maryland including this transaction.

BALTIMORE, MD–Ares Management and TruAmerica Multifamily have acquired a 1,402-unit multifamily portfolio in suburban Baltimore for $236 million.

There are six apartment buildings in the portfolio: Dominion at Eden Brook and Dominion Kings Place in Columbia, Lakeside Mill in Owings Mills, Ellicott Grove in Ellicott City, Arborview at Riverside and Liriope in Belcamp, Dominion Constant Friendship in Abingdon.

This is a value-add play for the buyers, with half of the units slated for renovation.

The deal falls under Ares Management's US equity value-add strategy, according to Steven Wolf, a partner in Ares Management's Real Estate Group. The company brought the deal to TruAmerica. It is the first time the two companies have partnered on a transaction.

This is TruAmerica's second significant investment in the region since entering the market five months ago with the $187 million acquisition of three apartment communities in Baltimore and Annapolis totaling 1,004 units.

In September, the Los Angeles-based company decided to open an office in the area to better focus on the region. It recruited Matthew Ferrari, previously Investments Director for AvalonBay Communities, to be its Eastern US Director of Acquisitions.

It also recruited David Myers, formerly a project manager in the Vienna, VA office of Fortune Johnson General Contractors, to be Director of Capital Improvements, and Benjamin Miller, SVP and head of asset management of Arbor Multifamily Acquisition Company (AMAC), as director of Asset Management.

TruAmerica now has more than 32,000 multifamily units under management with 2,400 in Maryland including this transaction.