LOS ANGELES—TruAmerica Multifamily has partnered with Allstate Life Insurance to acquire a three-property, multi-state portfolio from Berkshire Property Advisors for $229 million. TruAmerica Multifamily is a real estate investment platform launched by Robert E. Hart and the Guardian Life Insurance Co. of America. This acquisition marks the creation of a new investment platform with the three companies.
The multifamily portfolio purchased has a total of 1,514 units, and includes the Berkshires at Lowery in Denver, CO, the Ponderosa Villas in Aurora, CO, and Carriages at Fairwood Downs in Renton, WA. The investment platform plans to upgrade each of the properties.
These properties follow the firm’s investment strategy: they are close to job centers, public transportation and have a value-add component. According to Michael Moran, Allstate’s VP and head of real estate investments, the platform believes that “the trends supporting rental housing, particularly more affordable alternatives, will persist and that the opportunity is a terrific complement to our growing real estate platform.”
With this purchase, TruAmerica has acquired 10 properties totaling more than $550 million since launching in July of last year. The investment platform is focused on providing affordable housing option in submarkets near gateway cities. Hart notes that homeownership rates are down to their lowest level in 20 years, illustrating a trend towards renting. The firm’s new partnership will continue to allow the platform to seek and acquire value-add investment opportunities throughout the west coast.