TruAmerica Expands Southeastern Footprint

The acquisitions in Tampa and Atlanta bring the company's portfolio in the region to 10,000 units.
Sabal Palm at Carrollwood. Image courtesy of TruAmerica Multifamily

TruAmerica Multifamily has expanded its southeastern U.S. portfolio to approximately 10,000 homes following its acquisition of two communities in Florida and Georgia.

In Tampa, Fla., TruAmerica acquired Sabal Palm Apartments from LivCor, according to Yardi Matrix data, for an undisclosed price. The company also acquired Sandtown Vista Apartments in Atlanta from a Kansas-based real estate investment and development firm for an undisclosed price. Both garden-style apartment communities are more than 95 percent occupied, according to TruAmerica.

The 432-unit Sabal Palm Apartments is located more than 10 miles north of downtown Tampa in the Carrollwood neighborhood. The community offers one-, two- and three-bedroom apartments spread throughout 15 three-story residential buildings on a 29-acre site. Sabal Palm was built in 1995 with amenities including a clubhouse, pool, sundeck, grill stations, fitness center, tennis courts, volleyball court and dog park.

Matthew Ferrari, TruAmerica’s co-chief investment officer, said in prepared remarks that multifamily development in the Carrollwood market and the surrounding Hillsborough County has fallen behind from the population and job growth of the region in the last 10 years.

Located at 1475 Sand Bay Drive SW In Atlanta’s South Fulton neighborhood, TruAmerica acquired the 350-unit Sandtown Vista Apartments. The community was built in 2009 and offers one-, two- and three-bedroom floorplans that average 1,148 square feet. According to TruAmerica, Sandtown Vista offers the largest average unit size in its category in the area.

Ferrari told Multi-Housing News that the company will conduct similar renovation programs at each of the communities, including interior and exterior upgrades as well as common area renovations.

Eastdil Secured’s Phil Brosseau Jr., Ryan Reid, Eric Zimmerman and Parker Yates marketed the Tampa property, while Cushman & Wakefield’s Mike Kemether and Travis Presnell represented the seller in Atlanta.

SOUTHEAST EXPANSION

In the first four years of operations, TruAmerica focused on acquiring communities in western U.S. markets. However, the company decided to enter the southeastern U.S. market in 2017 with an acquisition of a two-property portfolio in Orlando that totaled 708 apartments.

With TruAmerica’s latest acquisitions, the company has expanded its Florida holdings to 18 properties that total nearly 6,000 units and its Georgia assets to a total of 2,800 units.

Earlier this year, TruAmerica acquired a 329-unit community in Pinellas Park, Fla., for $61 million. In total, TruAmerica’s Southeast U.S. portfolio has hit approximately 10,000 homes between Florida, Georgia, Tennessee and North Carolina.