Runaway Bay Apartment Community
TAMPA, FL – TruAmerica Multifamily and RSE Capital Partners have acquired a two-property, 454-unit multifamily portfolio in a $63.75 million joint venture transaction. This is the first joint venture between the two firms.
The acquisition, located in the Tampa submarket of Pinellas County, is comprised of Twin Lakes and Runaway Bay apartment communities, located 20 minutes apart, along US Highway 19. Both two-story buildings currently feature a 1980s, vintage garden-style design and offer one- and two-bedroom floorplans.
TruAmerica and RSE plan to implement capital improvements across the portfolio, including interior renovations and exterior upgrades, such as new signage, paint, landscaping, an outdoor kitchen and renovations to the clubhouse, pool areas and fitness center.
The acquisition increases TruAmerica's Florida portfolio to nearly 5,000 units, 20% of which are located in the Tampa/St. Petersburg market. The companies plan to capitalize on Tampa's job growth and affordable rental housing demand.
Newmark Knight Frank's Patrick Dufour and Ryan Crowley marketed the properties on behalf of the seller. NKF's Mitch Clarfield and Ryan Greer secured 10-year agency financing for the deal.
TruAmerica Multifamily is a multifamily investment firm in Los Angeles, CA with a $8.7 billion portfolio of 40,000 units across the US.
RSE Capital Partners is a Washington, DC based investor with $3.5 billion of institutional multifamily assets.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
