TruAmerica Buys 200-Unit Bay Area Community
San Ramon, Calif., has seen only three multifamily transactions since 2005.
TruAmerica Multifamily has acquired Bridges at San Ramon, in San Ramon, Calif., adding 200 units to its holdings in the San Francisco Bay Area. Acacia Capital sold the asset, according to Yardi Matrix. The purchase price was not disclosed.
Acacia sold the community after purchasing it from Pacifica Cos. in 2011 for $40 million, Yardi Matrix shows. The former owner received a $49.8 million Fannie Mae loan in 2018, according to the same source.
Bridges at San Ramon was built in 1987 and has one- and two-bedroom units with an average size of 739 square feet. Each apartment features patios or balconies, in-unit laundry and central air. Following the acquisition, TruAmerica is planning to renovate 192 of the 200 apartments. Upgrades will include new appliances, quartz countertops, new wood-style floors and upgraded hardware.
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The community was built on 10 acres and includes shared amenities such as a pool, a spa, a fitness center, EV charging stations and a pet spa. Yardi Matrix shows the community was 95 percent occupied in August. According to TruAmerica, San Ramon has recorded three multifamily transactions since 2005.
The acquisition brings TruAmerica’s Bay Area portfolio to nearly 1,500 units. Located at 309 Springfield Drive, Bridges at San Ramon is adjacent to Interstate 680 and 25 miles east of Oakland, Calif. The Market Place Shopping Center is within walking distance of the community, while retailers such as Trader Joe’s and Target are also nearby.
TruAmerica expands across U.S.
The San Ramon acquisition comes as TruAmerica continues to expand across U.S. markets. At the beginning of the year, the firm acquired two Los Angeles assets, Luxe Villas and Haven Apartments. The acquisition added 157 units to the company’s portfolio.
This past June, the firm entered the New York-New Jersey metro area with its purchase of The Grove Somerset in Somerset, N.J. Harbor Group Management sold the 384-unit community. Since its founding in 2013, TruAmerica Multifamily has grown its portfolio to more than 65,000 units across 20 states.
