TruAmerica Multifmily, in a joint venture with Investcorp, has purchased Country Lake, a 253-unit community in Salt Lake City for $45.7 million. The acquisition expands the company’s portfolio in the market to 1,595 units. Aukum Group is the former owner of the property.
Located at 335 Woodlake Drive, Country Lake provides easy access to interstates 15 and 215 as well as public transportation. The 1973-built property features a mix of one- and two-bedroom apartments, with an average size of 998 square feet. Amenities include:
- outdoor barbecue
- tennis court
- swimming pool
- dog park
Country Lake is a value-add opportunity for TruAmerica. The company plans to renovate the community, including upgrading apartment interiors, renovating all amenities, adding a fitness center as well as refreshing exteriors and landscaping.
Steve Gebing, Cliff David, Danny Shin and Brock Zylstra of Institutional Property Advisors worked on behalf of the seller in the transaction. TruAmerica is also expanding its Florida portfolio. The company acquired Solis at Winter Park, a Class B asset in Orlando for $79 million, bringing TruAmerica’s investment in the state to nine properties totaling $500 million.
Image courtesy of TruAmerica