TruAmerica Adds 448 Units to Atlanta Portfolio
- Apr 18, 2019
TruAmerica Multifamily has clinched its third Atlanta deal of the year by partnering with Oaktree Real Estate Income Trust to acquire Anzio, a 448-unit community in the suburb of Lawrenceville.
Built in 1986, Anzio sits on a 35.4-acre lot and offers one- and two-bedroom homes with an average floorplan of 975 square feet. The Class B property located at 3100 Sweetwater Road is just over 93 percent occupied, according to Yardi Matrix data.
TruAmerica said it would renovate all the homes to a more modern finish level, including new appliances, hard surface flooring, and upgraded plumbing. The company also plans upgrades to the common areas including the two pools, clubhouse, fitness center and other amenities.
Expanding in Atlanta
The multifamily investor is building up its portfolio in Atlanta and the Southeast. In January, a joint venture between TruAmerica and Tokyu Land US Corp. purchased two Atlanta communities in separate deals totaling $127.35 million. The properties included Vinings Corner, a 360-unit community in Smyrna, and The Prato at Midtown, a 342-unit asset in the Old Fourth Ward neighborhood.
For the latest acquisition, TruAmerica said it was drawn to Lawrenceville, which is the county seat of Gwinnett County, because of the area’s educational system and pro-business climate. The fast-growing county has more than doubled its population since 2000.
“The Atlanta market offers excellent multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, creating strong job and population growth,” commented the firm’s Co-Chief Investment Officer Matthew Ferrari in a prepared statement. “This has resulted in tremendous demand for well-located, quality rental properties.”