RENTON, WA—Los Angeles-based investment firm TruAmericaMultifamily expands its metro-Seattle footprint and nearly10,000 unit multi-state apartment portfolio with the acquisition ofMontclair Heights, a 174-unit multifamily complexin Renton, a suburb of Seattle. Today's purchase of MontclairHeights marks TruAmerica's third deal inWashington, with previous acquisitions includingArcadia Luxury Townhomes in FederalWay for $54 million (December 2013) and WesthavenApartments in Seattle for $27 million (March 2014). Thefirm completed the transaction in partnership with LEM Capital,L.P. and financed with a five year rehab bridge loan from OneWestBank.

“Metro Seattle continues to remain one of TruAmerica's topinvestment targets as the firm expands its footprint in attractivesubmarkets in the Western United States,” said NoahHochman, director of acquisitions at TruAmericaMultifamily. “We are pleased to complete our third propertyacquisition in the region following our purchases of Arcadia LuxuryTownhomes and Westhaven Apartments. Montclair Heights is a veryattractive value-add asset and Renton has enjoyed some of thestrongest economics in Seattle, with an average apartment vacancyof only 3.1%.”

Totaling over 200,000 rentable square feet, Montclair Heightsoffers a range of two- and three-bedroom units averaging 1,153square feet. The property is situated in a park-like setting onmore than 16 landscaped acres and offers amenitiesthat include a resident clubhouse, fitness center, swimming pooland spa. TruAmerica intends to enhance the property through capitalupgrades that will result in contemporary finishes in the unitinteriors and exteriors and modernized amenities in the commonareas.