TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, acquired Westmont Commons, a 252-unit multifamily community in Asheville, North Carolina. The asset was purchased off-market for $49,875,000 in partnership with Spoke Real Estate Capital. The seller was undisclosed.
“Westmont Commons represents TruAmerica’s fifth investment in North Carolina and is our first investment in the Asheville MSA,” said Bob Hart, President and CEO of Los Angeles-based TruAmerica Multifamily. “We continue to expand our portfolio by adding apartment communities across the country that align with our investment strategy. We expect to deliver an upgraded community to the market to meet demand for workforce housing that will be achieved via renovations, professional property management and operational efficiencies.”
The suburban property is located at 120 Chamberlain Dr. in western Asheville near major employment hubs and retail offerings, including Downtown Asheville, the Whole Foods-anchored Asheville Market, the Walmart-anchored Riverbend Market Place, and the 8,000-acre Biltmore Estate. The property is minutes from Asheville’s renowned outdoor amenities surrounding the Blue Ridge Mountains. Ashville has a vibrant entertainment hub and its downtown area is filled with restaurants, shops, art galleries, museums and gardens.
Greystone, a leading multifamily lender, provided a Freddie Mac Optigo® loan to finance the acquisition, which was originated by Rob Russell and Richard Kourbage.
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 25th 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.
