TruAmerica Multifamily has announced the closing of five suburban apartment communities in three transactions. In partnership with funds managed by Oaktree Capital Management, the largest transaction included three properties totaling 981 units. The communities included the 314-unit Linden Crossroads and the 449-unit Linden Audubon Park, both in Orlando, Florida, and the 218-unit Luxe Scottsdale in Phoenix. The communities' units range in size from studio to three-bedrooms with a variety of floor plans.
“We are thrilled to further expand our relationship with TruAmerica, especially in markets like Phoenix and Orlando that are benefiting from incredibly strong market fundamentals,” says Jared Lazarus, managing director in Oaktree’s Real Estate group. The portfolio’s financing was arranged by Institutional Property Advisors’ Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Garson Zarouk.
Outside of Orlando in Winter Park, TruAmerica acquired Park at Napoli, a 238-unit apartment community. The garden-style community, with one- to three-bedroom floor plans will undergo apartment interior and common area renovations through a capital improvement program. Cushman & Wakefield’s Mike Donaldson and Nick Meoli brokered the transaction.
The two acquisitions increased TruAmerica’s holdings in Florida to 25 properties and 12 in Arizona. “Sun Belt markets from coast to coast, including Phoenix and Orlando, are seeing robust multifamily volumes borne of strong market and sector fundamentals, which have translated to impressive durability even through a pandemic and a rising interest rate environment,” says TruAmerica co-chief investment officer Matthew Ferrari, who led the acquisition team.
In the Columbus suburb of Dublin, Ohio, TruAmerica acquired its second multifamily community in the state. Old Mill Lakes, a 264-unit community, offers one- and two-bedroom units. Andy DiBlasi of Walker & Dunlop was the broker of record on Olde Mill Lakes.
“Dublin is quickly becoming one of Columbus’ most desirable areas to live offering residents a balanced suburban atmosphere with great schools and proximity to some of the metro’s largest employers, popular restaurants, and entertainment options,” Ferrari says. The acquisition financing for Park at Napoli and Olde Mill Lakes was arranged by the Walker & Dunlop’s Russell Dey and Justin Nelson.
Based in Los Angeles, TruAmerica manages a portfolio of approximately 60,000 units throughout Arizona, California, Colorado, Florida, Georgia, Idaho, Massachusetts, Maryland, New Mexico, North Carolina, Nevada, Ohio, Oregon, Tennessee, Texas, Utah, and Washington.
