TruAmerica Multifamily Purchases Third M
- Jun 29, 2014
TruAmerica Multifamily recently closed on the purchase of a multifamily complex in the Seattle suburb of Renton in a deal worth $28.7 million. The L.A.-based real estate investment firm further expanded its metro Seattle portfolio with the purchase of Montclair Heights, which followed the completion of two other residential acquisitions in the market over the past six months.
TruAmerica’s other buys included the December 2013 purchase of the Arcadia Luxury Townhomes in Federal Way and the Westhaven Apartments in Seattle, acquired this past March. The buyer acquired the property in partnership with LEM Capital L.P. and financed it with a five-year rehab bridge loan from OneWest Bank.
Montclair Heights is a 174-unit residential asset totaling more than 200,000 rentable square feet located. The complex offers two- and three-bedroom units, with an average unit size of around 1,153 square feet. Montclair Heights occupies a 16-acre plot of land that offers park-like landscaping and a resident amenity package that includes a pool, a common clubhouse, a fitness facility and a spa. The community is located in Seattle’s metropolitan area, minutes away from job centers such as the Central Business District Bellevue and the Boeing Renton Plant. Transportation is also easily accessible, with the I-405 and Highway 169 nearby, as well as the Sea-Tac International Airport.
The new owner has already planned a number of improvements for the property that aim to add contemporary finishes to the interiors and exteriors and modernized amenities in the common areas. Noah Hochman, director of acquisitions at TruAmerica Multifamily, voiced the company’s confidence in the metro Seattle residential market, noting that the buyer is “pleased to complete our third property acquisition in the region, following our purchases of Arcadia Luxury Townhomes and Westhaven Apartments.”
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