TruAmerica Completes Major Portfolio Acquisition With Five Pacific NW Apartments
The company, along with its investors, paid $104.7 million for the portfolio.
Park 120
Seattle—TruAmerica Multifamily, with the backing of its institutional equity investors—including Allstate and The Guardian Life Insurance Company of America—acquired five apartment properties in the Pacific Northwest. The investors paid $104.7 million for the portfolio, which includes properties in the Seattle and Portland, Ore., metro areas.
The portfolio includes The Hanover in Beaverton, Ore.; V7 Apartments in Vancouver, Wash.; Constellation Apartments in Renton, Wash.; Park 120 in Everett, Wash.; and The Commons in Federal Way, Wash. The first two are Portland-area properties, while the latter three are in the Seattle area.
The deal was the last phase of a 14-property, $408.5 million portfolio purchase that began in September, and which adds 829 units to the LA-based investor’s Pacific Northwest portfolio. Over the past six months, TruAmerica and its institutional partners have invested about $600 million in the acquisition of more than 3,800 units in suburban Seattle and Portland, bringing the total number of assets under management in the Pacific Northwest to almost 7,000 units.
“This is an extremely diversified portfolio of affordable assets, which is in demand by middle-class households,” noted Robert Hart, TruAmerica president and CEO. He added that TruAmerica has a “favorable outlook on the Class B rental sector.”
The buyer will invest more than $10 million across the portfolio to renovate the properties. Unit improvements will include new faux wood flooring and carpet, counter tops, appliance packages, and washers and dryers at specific properties. The work will also include site-specific upgrades to existing clubhouses, pool areas and fitness centers.
