PORTLAND, ORE. — TruAmerica and its institutional partners DVO Real Estate and RCG Longview have acquired a five-property portfolio in the Pacific Northwest known as FPA Multifamily for $115 million.
The transaction includes the 76-unit Lighthouse and the 177-unit Village at Lake Meridian in Kent, Wash., as well as the 210-unit Park at Tualatin in the Portland suburb of Tualatin. TruAmerica closed on the 126-unit Haven at Charbonneau in Wilsonville, Ore., and the 329-unit Somerset apartments in Kent this past June.
The company plans to invest $8 million in interior-unit and common-area improvements throughout the portfolio. Renovations will include new kitchen appliances, cabinets, countertops, lighting and hardware. Common-area upgrades will enhance the renter experience with scenic landscaping, fresh pool furniture, a dog park and an outdoor kitchen.
Noah Hochman led TruAmerica’s acquisition team.