TruAmerica’s $255M Shopping Spree

A Los Angeles-based investor is expanding its Pacific Northwest footprint.
The Haven at Charbonneau

The Haven at Charbonneau

It’s been a very busy couple of months for TruAmerica Multifamily.

After making its first venture into Oregon’s multifamily market this June, with the purchase of The Haven at Charbonneau in the Portland metro, the Los Angeles-based company now snapped up a seven-property Pacific Northwest multifamily portfolio from Equus Capital Partners Ltd., for a whopping $255 million.

The portfolio totals 1,829 apartment units. Located in Seattle’s Lynwood, Kent and Silverdale submarkets, in Portland’s Wilsonville submarket, and in downtown Salt Lake City, the garden-style communities were constructed between 1982 and 1990. The portfolio was 97 percent leased at the time of sale.

“This portfolio offered investors an opportunity to acquire a critical mass of units in some of the nation’s most coveted rental markets,” Greg Curci, vice president of Equus, said in a statement. “Investor interest in these well-located and high-performing assets was overwhelming.”

Philadelphia-based Equus was represented in the transaction by Jon Hallgrimson, Eli Hanicek, Frank Bosl, Carrie Kahn, and Graham Taylor of CBRE, for the Seattle and Portland-area assets. Greg Barratt and James Wadsworth of Berkadia represented Equus in the Salt Lake City sale.

According to the Portland Business Journal, TruAmerica is on a shopping spree in the Pacific Northwest area, and is expected to have more than 6,000 units in the region by the end of the year.

Image courtesy of Haven Apartments