In three separate transactions TruAmerica Multifamily has closed on five suburban apartment communities representing nearly 1,500 units. The assets are located in Orlando, Fla., Phoenix, Ariz. and Columbus, Ohio.
In the largest transaction, TruAmerica in partnership with funds managed by Oaktree Capital Management, LP. (Oaktree) acquired a three-property, 981-unit portfolio from a Norfolk, VA-based real estate investment and management firm. The portfolio includes the 314-unit Linden Crossroads and 449-unit Linden Audobon Park in Orlando, Fla. and the 218-unit Luxe Scottsdale in Phoenix, Ariz. The properties were all built between 2015 and 2017 and offer a mix of floor plans ranging from studio to three-bedroom apartment homes.
“We are thrilled to further expand our relationship with TruAmerica, especially in markets like Phoenix and Orlando that are benefitting from incredibly strong market fundamentals,” said Jared Lazarus, Managing Director in Oaktree’s Real Estate group.
The portfolio was leveraged with attractive financing arranged by Institutional Property Advisors’ Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Garson Zarouk.
In a separate transaction, TruAmerica acquired from a New York-based alternative investment manager Park at Napoli, a 238-unit apartment property in Winter Park, Fla., a suburb of Orlando. Built in 1986, the garden-style community features a mix of one-, two- and three-bedroom floorplans at an average unit size of approximately 850 square feet. After immediately addressing deferred maintenance issues, TruAmerica will undertake a thoughtful capital improvement program that will include the renovation of apartment interiors and common areas in order to enhance the living environment for the residents. Cushman & Wakefield’s Mike Donaldson & Nick Meoli in the firm’s Tampa, Fla. office brokered the transaction.
“Sunbelt 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,” said TruAmerica Co-Chief Investment Officer Matthew Ferrari, who led the acquisition team.
The acquisitions increase TruAmerica’s holdings to 25 properties in Florida and 12 in Arizona.
Lastly, TruAmerica invested in its second multifamily community in the state of Ohio with the acquisition Olde Mill Lakes, a 264-unit apartment property in the Columbus suburb of Dublin Ohio. Built in 1988, the community features one- and two-bedroom units averaging approximately 1,054 square feet. TruAmerica entered the market in November 2021 with the acquisition of Abbington Village a 305-home community located approximately 1/3 of a mile from Old 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 concluded.
The acquisition financing for Park at Napoli and Olde Mill Lakes was arranged by the Walker & Dunlop team of Russell Dey and Justin Nelson. Andy DiBlasi of Walker & Dunlop was the broker of record on Olde Mill Lakes.