RENTON, WA—Los Angeles-based investment firm TruAmerica Multifamily expands its metro-Seattle footprint and nearly 10,000 unit multi-state apartment portfolio with the acquisition of Montclair Heights, a 174-unit multifamily complex in Renton, a suburb of Seattle. Today's purchase of Montclair Heights marks TruAmerica's third deal in Washington, with previous acquisitions including Arcadia Luxury Townhomes in Federal Way for $54 million (December 2013) and Westhaven Apartments in Seattle for $27 million (March 2014). The firm completed the transaction in partnership with LEM Capital, L.P. and financed with a five year rehab bridge loan from OneWest Bank.

“Metro Seattle continues to remain one of TruAmerica's top investment targets as the firm expands its footprint in attractive submarkets in the Western United States,” said Noah Hochman, director of acquisitions at TruAmerica Multifamily. “We are pleased to complete our third property acquisition in the region following our purchases of Arcadia Luxury Townhomes and Westhaven Apartments. Montclair Heights is a very attractive value-add asset and Renton has enjoyed some of the strongest economics in Seattle, with an average apartment vacancy of only 3.1%.”

Totaling over 200,000 rentable square feet, Montclair Heights offers a range of two- and three-bedroom units averaging 1,153 square feet. The property is situated in a park-like setting on more than 16 landscaped acres and offers amenities that include a resident clubhouse, fitness center, swimming pool and spa. TruAmerica intends to enhance the property through capital upgrades that will result in contemporary finishes in the unit interiors and exteriors and modernized amenities in the common areas.

Capitalizing on the property's prime location and proximity to highly trafficked thoroughfares I-405 and Hwy 169, TruAmerica will aggressively market the units to prospective tenants in top employment centers throughout Seattle and Bellevue. The property is located just minutes from Central Business District Bellevue, the Boeing Renton Plant and Sea-Tac International Airport.

“Top employers, such as Boeing, will continue to drive workforce renters to Renton,” said Hochman. “Rents in Northern suburbs—Bellevue, Issaquah and Kirkland—and central Seattle have continued to skyrocket. Renton, located just south of those neighborhoods, provides an attractive alternative to workers seeking more affordable housing without sacrificing ease of commute and lifestyle amenities.”

To date, TruAmerica has closed seven acquisitions valued at $322 million and 1,796 units and has an additional 2,090 units under contract valued at over $336 million.