TruAmerica Multifamily Acquires Nearly $109M Portfolio
The firm is entering the NC market with the 830-unit, three-asset portfolio.
RALEIGH, NC – TruAmerica Multifamily acquired a three-asset multifamily portfolio in a $108.7 million transaction. The 830-unit acquisition serves as the firm’s initial North Carolina investment.
The assets, each located in Raleigh, NC, includes Duraleigh Woods, built in 1986, which features 362 units of one- and two-bedroom floorplans. Offering in-unit washers and dryers, walk-in closets, fireplaces and patios or balconies, the community is located near US 70, with access to the Raleigh-Durham airport and Research Triangle Park.
The portfolio additionally consists of Bridgeport, a 276-unit community, and Sailboat Bay, a 192-unit community. The properties make up two of six communities with frontage along Lake Lynn, a 56-acre man-made lake in Raleigh’s Lake Lynn Park. The communities are situated in the A-rated Northwest Raleigh public school district.
Previous ownership all three of the properties employed common area upgrades and maintained the buildings’ exteriors.
TruAmerica aims implement a capital improvement plan, targeting certain enhancements to the units’ interiors by adding stainless-steel appliances, vinyl plank flooring, tile backsplashes, modern lighting, new cabinet fronts and plumbing fixtures.
JLL Southeast Multifamily Team’s Andrew Howard and John Currin marketed the properties on behalf of the seller.
The firm entered the Southeast market just two years ago and it continues to expand its holdings in the region, with a mission to establish and build the brand in multifamily markets throughout the area. TruAmerica’s regional portfolio now contains 20 apartment communities totaling more than 7,000 units. The firm additionally holds 13 Florida assets and four Georgia assets.
Acknowledging Raleigh-Durham’s significant economic growth due to the expanding technology and healthcare business in the area, the firm hopes to capitalize on the region’s multifamily property demand. According to JLL, only 450 new apartment units have been developed in the area in the past ten years.
TruAmerica Multifamily, founded in 2013, is a value-add multifamily investment firm. Based in Los Angeles, the firm currently manages an $8.7 billion portfolio totaling 41,000 units throughout the US.
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