TruAmerica Multifamily Purchases 372-Unit Asset Near Tampa
The firm plans to implement upgrades across the two-building property in Brandon, FL.
TAMPA, FL – Los Angeles-based multifamily investment company TruAmerica Multifamily has purchased a 372-unit apartment community in the Tampa suburb of Brandon, FL. The firm acquired the asset in partnership with funds managed by Eagle Realty Group.
The transaction represents TruAmerica Multifamily’s 12th acquisition in the Tampa market, and its 26th investment in the state of Florida.
The acquired property includes Charleston Landings and Charleston Edge. Charleston Landings, built in 1986, offers one-, two- and three bedroom units that range from 503 square feet to 1,162 square feet. The development’s second boutique phase, Charleston Edge, built in 2016, offers one- and two-bedroom units that range from 789 square feet to 1,281 square feet.
Through TruAmerica Multifamily’s multi-million-dollar capital improvement program, the firm plans to upgrade Charleston Landings’ units and implement improvements at Charleston Edge to achieve cohesiveness. The unit upgrades will include stainless appliances, quartz countertops, updated lighting and plumbing fixtures, new vinyl plank flooring, shaker cabinet fronts and bar pulls, and tile backsplash.
Situated near Interstate 75, the property is located 15 minutes from downtown Tampa and in close proximity to employment centers, such as the Westshore Business District.
“Charleston Landings and Edge have multi-faceted appeal with strong potential to reposition the property through physical and operational improvements,” says TruAmerica co-chief investment officer Matthew Ferrari. “Our Sun Belt multifamily investment formula, which relies on high-growth markets like those found in Florida, gets a nice boost from the unique attributes of the asset and submarket against the backdrop of an even stronger overall renter economy.”
The property represents TruAmerica Multifaimly’s 26th investment in Florda
Ferrari led TruAmerica’s acquisition team for the transaction and CBRE capital markets’ EVP Francesco Carriera brokered the deal. A CBRE’s capital markets team, led by Ryan Greer, Troy Tegeler and Trevor Breaux, arranged the acquisition financing.