TruAmerica Multifamily has expanded its geographic ownership reach to North Carolina with the purchase of a three-property, 830-unit multifamily portfolio in Raleigh for $108.7 million. The firm began expanding into the southeast two years ago and has since acquired 20 residential communities with more than 7,000 units. A JLL team of Andrea Howard and John Currin represented the seller, Investcorp, in the deal.
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Duraleigh Woods, a 362-unit community housing one- and two-bedroom apartments, is the largest of the three Raleigh properties in the portfolio. Built in 1986, the community features resident amenities including 2 swimming pools, a basketball court, tennis court, clubhouse and fitness center. The other two communities in the portfolio are the 276-unit Bridgeport, comprised of one-, two- and three-bedroom apartments and the 192-unit community Sailboat Bay, which houses a mix of one- and two-bedroom apartments. Both communities are located near Lake Lynn, which is situated within the 75-acre Lake Lynn Park.
The previous owner made upgrades to the common amenities and property exteriors for all three properties and TruAmerica will expand on that by making improvements to unit interiors, including new appliances, flooring and lighting.
In June, TruAmerica purchased an 896-unit multifamily community in Las Vegas for $152 million, setting a record for the highest price paid for a single multifamily asset in state history.