TruAmerica Expands Tampa Footprint With $51M Buy

Charleston Edge. Image courtesy of TruAmerica Multifamily

TruAmerica Multifamily has acquired a 372-unit property in Brandon, Fla. Built in two phases, Charleston Landings and Charleston Edge changed hands for a combined $50.8 million, according to Yardi Matrix data. The same data provider shows that the buyer took out a $51.6 million loan from Pacific Western Bank to finance the acquisition.

Dorvidor Management Co. sold the community, with CBRE Capital Markets brokering the portfolio transaction and arranging acquisition financing.

Completed in 1986, Charleston Landings encompasses 20 two-story buildings with a total of 300 apartments, with one-, two- and three-bedroom units ranging between 503 square feet and 1,162 square feet. Common-area amenities include a fitness and business center, spa, clubhouse, volleyball and tennis court, playground and swimming pool. In-unit amenities consist of washers and dryers, vaulted ceilings, patios or balconies and outside storage.

Charleston Edge was completed in 2015 as the second phase of the development. The property comprises three buildings totaling 72 units, with one- and two-bedroom floorplans, ranging from 789 square feet to 1,281 square feet. Common-area amenities consist of a fitness center, clubhouse, spa and swimming pool. Interior amenities include private patios or balconies, as well as washers and dryers.

Located at 902 Delaney Circle and 902 Regency Lakes Drive, the community provides easy access to employment centers in the area via Interstate 75 and Selmon Expressway. Downtown Tampa is within a 15-minute drive of the property. There are several dining options, entertainment venues and retail spaces in the proximity, as well as green areas such Heather Lakes Park.

Planned renovations

TruAmerica Multifamily intends to upgrade both Charleston Landings and Charleston Edge, focusing on interior renovations. Among other renovations, plans call for the addition of stainless appliances, updated lighting and plumbing fixtures, as well as new vinyl plank flooring.

Charleston Landings and Edge mark TruAmerica Multifamily’s 12th acquisition in the Tampa metropolitan area and the firm’s 26th in the state. Most recently, the company purchased five communities totaling almost 1,500 units throughout Florida, Ohio and Arizona, in three separate transactions.