TruAmerica Multifamily, a national, vertically integrated multifamily investment firm, has acquired two highly unique apartment communities — Archstone Redmond Lakeview in the Seattle metro and Park Tower Apartments & Townhomes in the Phoenix metro.
“These transactions underscore TruAmerica’s ability to source and secure irreplaceable assets where demand is underpinned by limited supply and strong employment fundamentals,” said Matt Ferrari, Head of Acquisitions and co-CIO of Los Angeles-based TruAmerica. “Through long-standing relationships and disciplined execution, we accessed compelling opportunities in two of the most competitive metros in the country – one off-market – both with meaningful value-add potential.”
Archstone Redmond Lakeview
Archstone Redmond Lakeview is a lakefront community directly on Lake Sammamish, uniquely positioned as one of only seven multifamily properties in the entire Seattle metro with true waterfront adjacency—and the only one to pair it with direct transit access with the future light rail station. The 166-home garden-style community combines irreplaceable waterfront views and 45 income-generating boat slips with immediate proximity to major tech employers including Amazon, Google, Meta, and most notably Microsoft’s expanding global headquarters less than one mile away. Built in 1987, the property business plan would improve all units with condo-quality renovations in one of the region’s most affluent and supply-constrained submarkets. TruAmerica will rebrand the community as The Docks at Redmond Lakeview. Eli Hanacek, Kyle Yamamoto, and Mark Washington from CBRE facilitated the transaction.
Park Tower Apartments & Townhomes
In Phoenix’s rapidly growing suburb of Chandler, TruAmerica acquired Park Tower Apartments & Townhomes – a rare mix of 180 garden-style apartments built in 1986, and 77 condo-quality townhomes built in 2017. The unique property composition appeals to a wide range of residents and offers access to top-tier schools, walkable retail and dining, and unmatched connectivity to the Price Corridor, a high-wage employment hub to more than 40,000 jobs across Fortune 500 such as Intel, Northrop Grumman, Wells Fargo, Paypal, Microchip Technology, and more. By combining the two properties into one integrated community, TruAmerica will unlock meaningful operational efficiencies in addition to targeted renovations. The rebranded community will be known as Parklane Commons. Chris Canter, Brad Goff, and Brett Polachek of Newmark along with Dan Cheyne of Berkadia facilitated the off-market transaction, with Mitch Clarfield, Meghan Varga, and Garrett Swanky of Newmark facilitating the financing.
“These properties each represent highly differentiated product types in exceptionally desirable, supply-constrained locations adjacent to growing employment hubs,” said Wes LaBar, Managing Director at TruAmerica. “Acquisitions of this caliber are not only difficult to source but nearly impossible to replicate—which is why we are excited to add them to our portfolio and execute our strategy of building better communities in high-demand markets.”
