TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, announced it completed $146.7 million in asset recapitalizations in two U.S. markets. The transactions include Tesoro Ranch Apartments, a 400-unit community in the Las Vegas MSA, and Junction at Vinings, a 360-unit institutional-quality asset in Smyrna, Georgia, an affluent suburb of Atlanta.
“Despite the myriad challenges faced in today’s market, we continue to remain active by leveraging our deep relationships with existing partners while simultaneously establishing relationships with new partners,” said Matt Ferrari, Head of Acquisitions and co-CIO of Los Angeles-based TruAmerica. “Those efforts have enabled us to double down on two strategic investments of Tesoro Ranch Apartments and Junction at Vinings, both high-quality communities in strong submarkets that benefit from solid demographics. TruAmerica is excited to continue improving both properties with this infusion of new capital.”
Tesoro Ranch Apartments is located in Southeast Las Vegas. Since being acquired by TruAmerica in 2018, the property has undergone exterior and interior renovations, and is being recapitalized with new equity, which will allow the current renovation program to be expanded. Tesoro Ranch will be acquired with new fixed rate financing from Freddie Mac, which is being facilitated by PGIM.
Newly renovated amenities at Tesoro Ranch Apartments will create a resort-style living environment that is set within a beautifully cultivated landscaped site with views of Frenchman Mountain. The gated community has luxury one-, two-, and three-bedroom apartments that average more than 1,000 square feet and feature stainless steel appliances, in-home washer and dryer, walk-in closets and private patios. The 2007-built property includes two resort-style pools, an outdoor grilling area, fire pits, dog park, clubhouse, package lockers and fitness center.
“The Henderson submarket is attractive given the lack of new supply, strong demographics and the resilient growth of the Las Vegas economy,” explains Wes LaBar, Managing Director of Acquisitions for TruAmerica. “The community is particularly appealing to renters seeking a higher quality, resort-style living environment, which our expanded renovation scope will help us deliver.”
TruAmerica has owned Junction at Vinings in Metro Atlanta since January 2019. Junction at Vinings was built in two phases in 1983 and 1986 and consists of one- and two-bedroom floor plans with spacious walk-in closets and a patio or balcony in every unit.
Junction at Vinings is situated in a prime location at 2101 Paces Ferry Rd SE within both Smyrna and the broader Vinings/Cumberland submarket. “Vinings/Cumberland is a vibrant mixed-use submarket of Metro Atlanta that delivers historically strong demographics and has emerged as a dynamic and growing economic hub featuring strong job growth,” explains Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets at TruAmerica Multifamily. “This desirable submarket is experiencing resilient tailwinds that gives us confidence to double down on the community through this recapitalization.”
The asset is located near The Battery, a more than $1.5-billion mixed-use development anchored by the home of the Atlanta Braves, Truist Park. Junction at Vinings has direct access to I-285, also known as the Perimeter, which encircles the city of Atlanta, and connects with all major highways in the MSA, including nearby interchanges with Interstate 75 and Route 41. Home Depot’s worldwide headquarters and Gas South’s new headquarters are located nearby. The area is also home to Fortune 500 companies such as Comcast’s Regional Headquarters, Genuine Parts, RaceTrac, TKE, Papa John’s and HD Supply.
TruAmerica Multifamily is a national, vertically integrated, institutionally-focused multifamily investment firm based in Los Angeles. Founded in 2013, the firm is one of the most active value-add multifamily investors in the United States, today holding roughly $15 billion of assets under management. TruAmerica has regional headquarters in Arlington, VA, Miami, FL, Dallas, TX and Seattle, WA. The firm is ranked as the 24th largest multifamily owner in the United States by the National Multifamily Housing Council, having assembled a national portfolio of approximately 60,000 units, totaling nearly 280 properties in 16 states and more than 30 markets.
