TruAmerica buys Las Vegas apartments
TruAmerica Multifamily has increased its footprint in some of the strongest multifamily markets in the United States after closing last month on garden-style communities in Las Vegas; Tampa, Florida; and Salt Lake City, Utah, in three separate transactions totaling $209 million.
Combined, the properties, total nearly 1,000 apartment homes and increases the Los Angeles-based value add multifamily investment firm’s portfolio to more than 45,000 units.
Florida, Nevada and Utah, which represent approximately 25 percent of TruAmerica’s portfolio, are among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth, according to Co-Chief Investment Officer Matthew Ferrari.
“Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states.”
The three properties, built between 1985 and 1995 represent an attractive value-add opportunity as each will benefit from TruAmerica’s improvements to the interiors, exteriors and amenity spaces.
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 46,000 units across prime locations throughout California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.