TruAmerica Acquires 5 Communities

Located in Florida, Ohio and Arizona, the properties total 1,500 units.

Crossroads. Image courtesy of TruAmerica Multifamily

TruAmerica has acquired a batch of communities totaling nearly 1,500 units in Florida, Arizona and Ohio. The firm acquired the five suburban apartment communities for undisclosed amounts in three separate transactions around the same time.

In the largest transaction, TruAmerica acquired three properties from a Norfolk, Va.-based real estate firm. The firm partnered with funds managed by Oaktree Capital Management to acquire the 314-unit Linden Crossroads and 449-unit Linden Audubon Park, both in Orlando, Fla., and the 218-unit Luxe Scottsdale in Phoenix. The portfolio was leveraged with financing arranged by Institutional Property Advisors’ Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Garson Zarouk.

The properties were built between 2015 and 2017 with floorplans ranging from studios to three-bedroom units. According to TruAmerica, Linden Crossroads was 95.2 percent occupied, Linden Audubon Park was 93.3 percent occupied, and Luxe Scottsdale was 94.5 percent occupied.

In another transaction, TruAmerica acquired the 238-unit Park at Napoli in Winter Park, Fla., from a New York-based alternative investment manager. Cushman & Wakefield’s Mike Donaldson & Nick Meoli brokered the transaction.

The Florida community was built in 1986 with one-, two- and three-bedroom units that have an average unit size of approximately 850 square feet. TruAmerica is planning to immediately address the community’s deferred maintenance issues, followed by implementing a capital improvement plan to renovate the apartment interiors and common areas. According to TruAmerica, Park at Napoli was 96.1 percent occupied.

In the last transaction, TruAmerica acquired the 264-unit Olde Mill Lakes in Columbus, Ohio. The community is 95.4 percent occupied and has one- and two-bedroom units that average approximately 1,054 square feet, according to TruAmerica. The firm also received acquisition financing for Park at Napoli and Olde Mill Lakes, which was arranged by Walker & Dunlop’s Russell Dey and Justin Nelson.


Matthew Ferrari, co-CIO at TruAmerica who led the acquisition team, said in prepared remarks that Sun Belt markets like Phoenix and Orlando are seeing strong fundamentals. The markets also showed resilience even with the pandemic and a rising interest rate environment, Ferrari also said in his prepared statement. The firm’s portfolio now includes 25 properties in Florida and 12 in Arizona. TruAmerica also recently acquired a 164-unit community in Glendale, Ariz., for $45.4 million with plans to renovate the garden-style community.

With the acquisition of Olde Mill Lakes, TruAmerica is up to its second community in Ohio. The firm first entered the Ohio market in November 2021 when it acquired Abbington Village, a 305-unit community that’s located near Old Mill Lakes.

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