TruAmerica Multifamily Closes Three New Deals for $209M

In its latest round of apartment purchases, TruAmerica Multifamily has acquired three garden-style apartment communities for $209 million. The three communities are located in Las Vegas, Tampa and Salt Lake City, and they were purchased in three separate transactions. Together, the three properties total 1,000 units.

The three purchases include Stillwater Palms in Tampa, the largest of the three properties at 396 units; Vida, a 252-unit building located near the Las Vegas Strip; and Falls at Hunters Pointe, a 276-unit building in Sandy, Utah. All three properties were built from 1985 to 1995. In keeping with TruAmerica’s standard business plan, the firm will complete minor upgrades to all three properties.

TruAmerica is an active buyer in all three markets, and with these purchases, 25% of the company’s portfolio is located in Nevada, Florida and Utah. The firm calls the three markets the most “sound” in the US due to population, job and wage growth.

Still, this year, TruAmerica has made some significant purchases outside of those three states. In May, the firm acquired a massive 66-property portfolio in San Diego for $1 billion in partnership with Blackstone. The deal made Blackstone one of the largest apartment owners in San Diego. The portfolio has 5,800 apartment units, bringing Blackstone’s total market share to 6,700 units with a value of more than $5 billion. The partnership plans to make $100 million in improvements on the properties, which are all described by the newspaper as market-rate units.

In the same month, TruAmerica completed a $196 million purchase of 1,000 apartment units in Phoenix and Nashville. In Phoenix, it purchased The Urban, a 435-apartment, bringing its Arizona portfolio to 3,000 units with assets in Phoenix, Tempe, Avondale and Chandler. It was the firm’s second purchase this year in the market. In Nashville, TruAmerica purchased Viera Cool Springs, a 468-unit property built in 1987 in its second acquisition in the market.