TruAmerica Multifamily has acquired three communities in the Las Vegas, Salt Lake City and Tampa, Fla., metros for $209 million, from an undisclosed seller. The company has added nearly 1,000 units to its multifamily portfolio of more than 45,000 units across the U.S.
In Palm Harbor, Fla., TruAmerica acquired the 396-unit Stillwater Palms, which was the largest community of the three acquisitions. Located more than 23 miles west of Tampa at 2480 Cypress Pond Road, the community offers one- and two-bedroom floorplans that range in size from 650 to 930 square feet. Stillwater Palms was also built with a fitness center, business center, playground, pet park and two pools. Matthew Ferrari, co-CIO at TruAmerica, said in prepared remarks that the Tampa metro is one of the state’s leading business centers and is home to many financial, insurance and IT companies.
TruAmerica also acquired the 276-unit Falls at Hunters Pointe in Sandy, Utah. Located at 11251 S. Slate St., the community has one-, two- and three-bedroom units ranging in size between 708 and 1,082 square feet. Falls at Hunters Pointe was also built with a clubhouse, spa, courtyard, fitness center, pool and multiple sports courts. Wesley LaBar, the associate director at TruAmerica who led the acquisition effort, said in prepared remarks that Sandy was one of the most sought-after submarkets in the Salt Lake City metro.
The smallest of the three communities, the 252-unit Vida, is located 2 miles west of the Las Vegas strip at 5060 W. Hacienda Ave. TruAmerica acquired the garden-style community that offers one- and two-bedroom units that range in size from 621 to 1,104 square feet. The 4.6-acre site also has a pool, fitness center, clubhouse business center and picnic area. According to TruAmerica, the Southwest submarket that Vida is located in saw nearly 60,000 new residents since 2010.
THREE STRONG MARKETS
With the three communities having been built between 1985 and 1995, TruAmerica is planning to take on targeted and accretive improvements to the properties’ interiors, exteriors and amenity spaces. Ferrari told Multi-Housing News that the interior renovations will include new flooring, stone countertops and stainless steel appliances that bring the units more up to date. Ferrari also told MHN that the amenity spaces will be upgraded as needed, including the clubhouses, fitness centers and pools.
Ferrari also said in prepared remarks that Florida, Nevada and Utah are among the most fundamentally sound multifamily markets in the U.S. with solid wage, population and employment growth. Ferrari added in his prepared statement that many corporations are migrating to these three states, with families following suit due to the lower cost of living there.
With the latest acquisitions totaling 924 units, the company’s multifamily portfolio is now at more than 45,000 units. Ferrari also said in prepared remarks that the Florida, Nevada and Utah markets make up approximately 25 percent of TruAmerica’s portfolio. In May, TruAmerica also acquired another Tampa community, the 432-unit Sabal Palm Apartments, from LivCor.