RICHMOND, CA—TruAmerica Multifamily hasacquired Summit at Hilltop, a 240-unit apartmentcomplex in Richmond, for $38.8 million. Thetransaction was completed in conjunction with Intercontinental RealEstate Corporation, which was led by Jessica Levin, Director,Acquisitions, and represents the third such partnership betweenTruAmerica and Intercontinental. The investment will benefitfrom attractive seven-year Fannie Mae fixed rate financing withfull term interest-only payments arranged by Troy Tegler and BrianEisendrath of CBRE. Following last month's purchase of Summit atParadise Valley in Fairfield, CA, Summit at Hilltop represents thefourth Bay Area acquisition to TruAmerica's growing multi-stateportfolio.

“The San Francisco Bay Area continues to be a top target as weexpand our reach, and Richmond's favorable economic and real estatemarket conditions make the East Bay city one of the strongestrental submarkets in the region,” says GregCampbell, senior managing director of acquisitions atTruAmerica. “With convenient access to major employment centers,competitive amenities and retail centers, Richmond offers anaffordable alternative to renters who are priced out of neighboringcommunities, including El Cerrito, Berkeley andEmeryville. Summit at Hilltop presented a uniquevalue-add opportunity to invest in a high-quality 1990s asset in anattractive walkable neighborhood.”

Situated on a highly desirable hilltop, the apartment complexboasts dramatic bay and city views from a majority of its 240units. Spanning 10 buildings across 12 acres,Summit at Hilltop is comprised of a mix of well-designed one- andtwo-bedroom floor plans. In addition to offering rare bay views,the property also provides residents with a fully walkableneighborhood created by two major retail and entertainment centerslocated within close proximity. Capitalizing on the temperateNorthern California climate, the resort-styledesign of Summit at Hilltop embraces an activeindoor/outdoor lifestyle through an array of fitness amenities andattractive architecture. The property is also convenient toInterstate 80, providing high visibility to theheavily trafficked freeway and a short commute to the largestemployment centers in the East Bay.