TruAmerica Multifamily has added nearly 1,000 apartments in some of the nation’s strongest multifamily markets to its portfolio. The Los Angeles-based value-add multifamily investment company has closed on garden-style communities in Las Vegas; Tampa, Florida; and Salt Lake City in three separate transactions totaling $209 million.
The company’s portfolio now boasts more than 45,000 units, with approximately 25% of those in Florida, Nevada, and Utah. According to co-chief investment officer Matthew Ferrari, these multifamily markets are the most fundamentally sound in the U.S. with solid wage, population, and employment growth. “Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states,” he said.
According to TruAmerica, the three multifamily communities, built between 1985 and 1995, provide an attractive value-add opportunity and will benefit from the company’s planned improvements to the interiors, exteriors, and amenity spaces.
The 396-unit Stillwater Palms is located in Palm Harbor, Florida, 23 miles west of Tampa. The community benefits from significant demand drivers, including the Tampa metro area being home to a world-class port; financial, insurance, and IT companies; and the western gateway to Florida’s Interstate 4 high-tech corridor that spans 13 counties.
Vida is a 252-unit garden-style community 2 miles west of the Las Vegas Strip and located in one of the city’s preferred residential areas. According to TruAmerica, the Southwest submarket has added nearly 60,000 new residents since 2010, with many opting to rent because of escalating home prices.
“Renting remains especially affordable compared to owning a home in Las Vegas,” said TruAmerica senior director Zach Rivas, who oversees the acquisition efforts in the market. “The average rent produces a comparably low average rent-to-income ratio of less than 25% resulting in a higher propensity for residents to rent.”
The 276-unit Falls at Hunters Pointe is located in Sandy, Utah. The community is easily accessible to shopping, Interstate 15, two UTA TRAX light-rail stations, and The Silicon Slopes, Utah’s technology employment hub.