As the first quarter of 2024 was wrapping up, TruAmerica Multifamily closed its first acquisition of the year: a 252-unit apartment community in Asheville, NC that was purchased for nearly $50 million from an off-market seller that was not disclosed. The Los Angeles-based multifamily investment firm plans a value-add asset improvement campaign to reposition the property, called Westmont Commons, which was built in two phases in 2003 and 2008.
In other words, it is back to business for TruAmerica, which typically acquires about $1 billion a year except for the last year when transactions across all asset classes, including multifamily, fell off of a cliff.
But 2024 has a different feel to it, says Matt Ferrari, co-Chief Investment Officer and head of Acquisitions. "Transactions are picking up and that we are getting closer to normal as the buyer-seller gap has been narrowing," he tells GlobeSt.com. Ferrari is also a participant in GlobeSt.com's upcoming multifamily conference being held in New York.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
