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.

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“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.”

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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.

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TruAmerica's property upgrade plans will enhance the common areaamenities and modernize the unit interiors, many of which are inoriginal 1990's condition. The apartment community'simprovements will include a refreshed fitness center and pool areain addition to interior upgrades such as contemporary kitchens andmodern surface finishes. These upgrades will bring thevalue-add property in line with competitive properties in the areato fulfill the demand for well-located, high-value, affordableworkforce housing.

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“This acquisition represents a tremendous opportunity to investin a high quality, value-add asset that is extremely appealing totenants given the property's proximity to a sizeable base ofemployers and Interstate 80, a major arterial serving the SanFrancisco Bay Area,” says Jessica Levin, who is based inIntercontinental's Los Angeles office.

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TruAmerica has maintained an impressive acquisition pace as thefirm moves into its second year of operation with 14 newacquisitions valued at over $934 million sincelaunching in July 2013.

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TruAmerica Multifamily, founded by industry veteranRobert Hart and The Guardian LifeInsurance Company of America in July 2013, is aninvestment firm focused on acquiring, managing and rehabilitatingclass B or better multifamily housing in the Western part of theUnited States.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.