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TruAmerica Multifamily acquires 1.5k units in Florida, Phoenix and Ohio

Follows $575 million discretionary fundraise in late 2021

TruAmerica Multifamily, a multifamily investment company based in Los Angeles, today announced acquiring five suburban apartment communities comprising almost 1,500 units in three transactions, according to a press release shared with FinLedger. 

The largest transaction included a 981-unit portfolio spread across three properties, and was completed in partnership with funds managed by Oaktree Capital Management, LP. This portfolio, acquired from a real estate investment and management firm based in Norfolk, Virginia, and includes 314 units in Linden Crossroads and 449-unit Linden Audobon Park in Orlando, and 218 units in Luxe Scottsdale, Phoenix. All of these properties, consisting of studios to three-bedroom apartment homes, were built between 2015 and 2017, according to the release.

The financing for the portfolios was done by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Garson Zarouk from Institutional Property Advisors.

“We are thrilled to further expand our relationship with TruAmerica, especially in markets like Phoenix and Orlando that are benefitting from incredibly strong market fundamentals,” stated Jared Lazarus, Managing Director at Oaktree’s Real Estate group.

TruAmerica’s purchase also includes an apartment property with 238 units in Winter Park, Florida, from investment manager Park at Napoli, based in New York. These units range from one- to three-bedroom apartments, and was arranged by Mike Donaldson and Nick Meoli from Cushman & Wakefield.

TruAmerica aims to renovate its recently acquired properties, which have broughts its total holdings to 25 in Florida and 12 in Arizona, based on the release.

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“Sunbelt markets from coast-to-coast, including Phoenix and Orlando, are seeing robust multifamily volumes borne of strong market and sector fundamentals, which have translated to impressive durability even through a pandemic and a rising interest rate environment,” said Matthew Ferrari, co-chief investment officer at TruAmerica, in the release. 

The firm has also expanded its investments to its second multifamily community by acquiring Olde Mill Lakes, an apartment property with 264 units in the Columbus suburb of Dublin, Ohio.  The release also says the property includes one- to two-bedroom units.

TruAmerica had previously acquired Abbington Village, a 305-home property located near Old Mill Lakes, in November 2021 which paved the way for its most recent acquisition.

This financing was enabled by Russell Dey and Justin Nelson from Walker & Dunlop with Andy DiBlasi as the broker of record, the release mentions.

“Dublin is quickly becoming one of Columbus’ most desirable areas to live offering residents a balanced suburban atmosphere with great schools and proximity to some of the metro’s largest employers, popular restaurants and entertainment options,” Ferrari said in the release.

The firm’s recent multifamily market investing activity brings the company’s portfolio to approximately 60,000 units across the United States. The firm also recently closed on its first discretionary fund, with $575 million in equity commitments, in December 2021, according to Los Angeles Business Journal.

In other recent proptech news, AmpUp appointed former Head of Acquisitions at Opendoor, Alexander Shartsis, as its first Chief Revenue Officer. Pacaso also partnered with Aston Rose Sports + Entertainment to grow its co-ownership model.

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