DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units.
The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash.
TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s.
The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions.
CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.