In data tabulated through the end of November, TruAmerica Multifamily ranked as the sixth largest buyer of apartments in the country, according to Real Capital Analytics. That pace continued into December when the company announced that it purchased a $105-million, five-property portfolio in the Pacific Northwest.
GlobeSt.com's Natalie Dolce picked up the news of the deal, which was done with Allstate and the Guardian Life Insurance Co. of America. Like many of his buys, TruAmerica's CEO Robert Hart plans to make upgrades.
"TruAmerica will invest more than $10 million across the portfolio to extensively renovate the properties in order to carve out a niche above traditional older vintage properties and to provide a value alternative to new construction in the area. Unit improvements will include new faux wood flooring and carpet, countertops, appliance packages, and washers and dryers at specific properties. The scope of work also will include site specific upgrades to existing clubhouses, pool areas and fitness centers," wrote Dolce.