TruAmerica Multifamily, No. 35 on the National Multifamily Housing Council’s 2021 Top 50 Owners list, is adding to its Southeast portfolio with the acquisition of two garden-style apartment communities with 782 units in Atlanta and Tampa, Florida.
After focusing on West Coast investments for its first four years of operations, the Los Angeles-based value-add multifamily investment firm entered the Southeast in 2017 with a two-property portfolio acquisition in Orlando, Florida. Its regional portfolio now includes approximately 10,000 apartment units in Florida, Georgia, North Carolina, and Tennessee.
The acquisition of the 432-unit Sabal Palm Apartments in Carrollwood, Florida, 10 miles north of Tampa, brings TruAmerica’s holdings to 18 properties with nearly 6,000 units in the state.
Built in 1995, the community offers a mix of one-, two-, and three-bedroom apartments in 15 three-story buildings on a 29-acre site. Amenities include a resident clubhouse, a resort-style pool with a sundeck overlooking a 6-acre pond, poolside pavilions and grill stations, a 24-hour fitness center, tennis courts, a sand volleyball court, and a dog park.
“Multifamily development in Carrollwood and all of Hillsborough County has not kept up with the tremendous population and job growth that has occurred in the region over the last 10 years,” said co-chief investment officer Matthew Ferrari. “There is no new construction planned within 5 miles of the Sabal Palm Apartments.”
In a separate transaction, the firm purchased the 350-unit Sandtown Vista Apartments in Atlanta’s South Fulton neighborhood, bringing its holdings in Georgia to approximately 2,800 units.
Built in 2009, the community includes a mix of one-, two-, and three-bedroom apartments with an average unit size of 1,148 square feet.
Phil Brosseau Jr., Ryan Reid, Eric Zimmerman, and Parker Yates of Eastdil Secured marketed the Sabal Palms Apartments on behalf of the seller, a New York-based global real estate investment firm.
Mike Kemether and Travis Presnell of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented the seller of Sandtown Vista Apartments—a Kansas-based real estate investment and development firm.