TruAmerica Multifamily, in separate transactions, has acquired two large garden-style apartment communities in Tampa, Fla. and Atlanta, GA growing its Southeast U.S. portfolio to approximately 10,000 apartment homes with assets located in Florida, Georgia, Tennessee and North Carolina.
After focusing on investments in the western U.S. during its first four years of operations, TruAmerica entered the southeast property markets in 2017 with a two-property portfolio buy in Orlando, totaling 708 apartment homes. The firm’s Florida holdings now include 18 properties representing nearly 6,000 units.
The firm’s newest investment is Sabal Palm Apartments, a 432-unit apartment home community in Carrollwood, 10 miles north of Tampa in Hillsborough County. Built in 1995, Sabal Palm is one of the largest apartment communities in the area. Its mix of one-, two- and three-bedroom apartments are housed in 15 three-story residential buildings on a 29-acre site. Community amenities include a resident clubhouse, resort style pool with an expansive sundeck overlooking a six-acre pond, covered poolside pavilions with grill stations, 24-hour fitness center, tennis courts, sand volleyball court and 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 TruAmerica Co-Chief Investment Officer Matthew Ferrari. “There is no new construction planned within five miles of the Sabal Palm Apartments.”
According to a report by Hillsborough County, the area benefited from the creation of 215,000 new private sector jobs in 2019. Job growth is estimated to be 43 percent over the next 20 years driven largely by the region’s diverse employment base that includes businesses in healthcare, defense and security, logistics, education and tourism.
In a separate transaction, TruAmerica also has acquired Sandtown Vista Apartments, a 350-unit community in Atlanta’s South Fulton neighborhood, bringing its holdings in the state of Georgia to approximately 2,800 units.
Built in 2009, Sandtown Vista Apartments is located at 1475 Sand Bay Drive SW and features a mix of one-, two- and three-bedroom apartment homes. At 1,148 square feet Sandtown Vista offers the largest average unit size among the competitive set in the area. Despite what is arguably the economic and social engine of the southeast, Atlanta suffers from a significant supply/demand imbalance particularly in the popular southwest sector. According to CoStar, the majority of apartment inventory was built between 2000 and 2010 with only one new property delivered in SW Atlanta in the past 10 years.
The Eastdil Secured team of Phil Brosseau, Jr., Ryan Reid, Eric Zimmerman and Parker Yates marketed the Sabal Palm Apartments on behalf of the seller, a New York-based global real estate investment firm.
The seller of the Sandtown Vista Apartments, a Kansas-based real estate investment and development firm was represented by Mike Kemether and Travis Presnell of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group.