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TruAmerica Likes Seattle, Silicon Valley

LOS ANGELES-The firm makes acquisitions in two Western markets where it sees potential in workforce housing, the firm's Robert Hart tells Carrie Rossenfeld in this UPDATE to an earlier story.

By Carrie Rossenfeld | Updated on January 07, 2014

LOS ANGELES-TruAmerica Multifamily is eyeing apartment properties for acquisition in two strong Western markets: Seattle and the Silicon Valley, Bob Hart, founder, president and CEO of the firm, tells GlobeSt.com. The company is focusing on markets that have strong workforce housing potential.

As GlobeSt.com reported last week, the locally based real estate investment firm has acquired Arcadia Luxury Townhomes, a 309-unit apartment complex in Federal Way, WA (a Seattle submarket), for $54 million from a firm Hart now identifies as Cornerstone Advisors/Legacy Partners. The acquisition follows the buyer’s recent $38.3-million purchase of the Vineyards in Gilroy, CA, and represents the second addition this month to the firm’s nearly 10,000-unit portfolio.

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