As the first quarter of 2024 was wrapping up, TruAmerica Multifamily closed its first acquisition of the year: a 252-unit apartment community in Asheville, NC that was purchased for nearly $50 million from an off-market seller that was not disclosed. The Los Angeles-based multifamily investment firm plans a value-add asset improvement campaign to reposition the property, called Westmont Commons, which was built in two phases in 2003 and 2008.

In other words, it is back to business for TruAmerica, which typically acquires about $1 billion a year except for the last year when transactions across all asset classes, including multifamily, fell off of a cliff.


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Erika Morphy

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