TruAmerica Multifamily has reentered the prime Northern Virginia market of Loudoun County with the acquisition of a 236-unit, garden-style community. Chase Heritage Apartments was purchased for $72 million from McDowell Properties.
“Northern Virginia is the top market in the D.C. metropolitan statistical area, and we continue to leverage our expertise and scale to expand in high-growth markets,” said Matt Ferrari, head of acquisitions and co-chief investment officer at TruAmerica Multifamily.
The 15-acre property was built in 1986, comprising a mix of one-, two-, and three-bedroom apartments catering to young professionals and families in Northern Virginia’s suburbs. The Loudoun County submarket is home to “Data Center Alley,” which has nearly 300 data center facilities with more under development. The submarket also is known for its robust employment drivers, demographics, and high quality of life.
“Chase Heritage represents an opportunity to advance our commitment toward building better communities,” said president and CEO Bob Hart. “Well-capitalized platforms like TruAmerica can secure investment opportunities like Chase Heritage at an attractive entry point in a key Washington, D.C., suburb, thus allowing us to continue to grow our national portfolio of multifamily properties.”
Significant capital expenditures and property enhancements—including upgrades to the pool area, the clubhouse, the fitness center, and the exterior—have been made since 2021. According to TruAmerica Multifamily, it plans to execute a value-add capital improvement program that will include renovated interiors and enhanced common area amenities.
Founded in 2013, TruAmerica is a national vertically integrated, institutionally focused multifamily investment firm based in Los Angeles. The firm, with nearly 39,000 units, ranks No. 26 on the National Multifamily Housing Council’s 2025 Top Apartment Owners list.
IPA Mid Atlantic senior managing directors Robert Dean and Jonathan Greenberg represented the seller.
