SEATTLE, WASH. AND PORTLAND, ORE. — TruAmerica Multifamily has acquired a five-property multifamily portfolio in the Pacific Northwest for $104.7 million. TruAmerica partnered with its institutional equity investors, including Allstate and The Guardian Life Insurance Company of America, to complete the off-market transaction. The seller was undisclosed.
The assets are located in the metro submarkets of Seattle and Portland. The properties include The Hanover, V7 Apartments, Constellation Apartments, Park 120 and The Commons. The acquisition adds 829 units to TruAmerica’s portfolio.
“This is an extremely diversified portfolio of affordable and desirable assets, which are in demand by middle-class households, the greatest percentage of renters in the United States,” says Robert Hart, president and CEO at TruAmerica Multifamily based in Los Angeles. “It exemplifies our investment philosophy and our favorable outlook on the Class B rental sector.”
TruAmerica plans to invest more than $10 million across the portfolio to extensively renovate the properties. Unit improvements will include new faux wood flooring and carpet, countertops, appliance packages and washers and dryers at specific properties. The scope of work also will include site-specific upgrades to existing clubhouses, pool areas and fitness centers.
“The addition of this portfolio underscores our commitment to identify, acquire and reposition apartment communities to provide higher quality housing in growth markets and offer affordable, highly amenitized rental units for working class families and young professionals,” says Robert LoCascio, managing director of Guardian’s real estate investments group.