San Francisco—TruAmerica Multifamily, in partnership with MSD Capital LP, has acquired a newly constructed, 136-unit apartment property, Waterbend, in the San Francisco’s Bayview District. The company bought the asset from Holliday Development in an off-market transaction for an unspecified price.
Located at 5880 Third Street, Waterbend includes one- and two-bedroom apartments, with 20 units set aside for affordable housing. The units, which range in size from 572 square feet to 1,038 square feet, feature appliance packages with full-size washers and dryers and vinyl plank flooring. Common amenities include a fitness center, resident lounge, dog wash station and a 10,000-square-foot central courtyard with an outdoor fire pit, and the property has a Walk Score of 83 out of 100.
The Bayview submarket is located in southeast San Francisco near Hunters Point. Historically an industrial area, Bayview has benefited from the city’s efforts to stimulate business, employment and housing growth in the area with the adoption of the Bayview-Hunters Point Redevelopment Plan.
“San Francisco continues to be supply constrained with a limited number of new multifamily units coming online relative to the strong demand in the city,” said Noah Hochman, senior managing director of capital markets, TruAmerica. “We were able to acquire the asset at an attractive price, in a submarket we feel is poised for tremendous growth.”
TruAmerica has been an active investor in Northern California multifamily assets since its formation in June 2013. With Waterbend, TruAmerica’s Bay Area holdings now include six assets totaling 1,181 units; all together, the company holds 18,000 units located in western United States and Maryland.