TruAmerica Multifamily, a national, institutionally focused multifamily investment firm, has successfully recapitalized Runaway Bay, a 192-unit apartment community in central Pinellas County, Florida.
“We’re excited to partner with Townsend Group, a respected institutional investor, as we continue to advance our long-term investment strategy in the Tampa Bay region,” said Noah E. Hochman, Co-Chief Investment Officer & Head of Capital Markets at Los Angeles-based TruAmerica Multifamily. “Runaway Bay exemplifies the type of asset we favor for our portfolio – well-located, low-density housing in a submarket characterized by strong fundamentals and constrained supply.”
Built in 1984, Runaway Bay is a garden-style apartment community featuring one- and two-bedroom units averaging 841 square feet. The property offers a suite of resident amenities, including a resort-style pool, clubhouse, fitness center, dog park, tennis court, and lakeside views. It is ideally situated near major employment hubs like the Westshore Business District, Gateway Office Market, and downtown cores of both Tampa and St. Petersburg.
TruAmerica will execute its value-add investment strategy at Runaway Bay through targeted interior renovations and selective upgrades to the common areas – enhancing both the resident experience and long term-asset preservation.
“Our recapitalization of Runaway Bay aligns with our broader mission to invest in and elevate high-quality workforce housing across the country,” said Bob Hart, Founder, CEO, and President of TruAmerica. “This transaction also reflects our ability to structure compelling opportunities with top-tier institutional partners like Townsend Group.”
The recapitalization includes the assumption of the existing Freddie Mac loan on the property. Newmark’s Jubeen Vaghefi, Patrick Dufour, Andrew Visnick, and Denny St. Romain represented the seller in the transaction.
