TruAmerica Kicks Off LA Project
This is the company’s first ground-up community in the metro.
TruAmerica has broken ground on River Walk Townhomes, a 154-unit community in Santa Clarita, Calif. The property marks the company’s first-ever ground-up development and its ninth asset in the Greater Los Angeles area.
TruAmerica purchased the 10-acre site at 18300 Soledad Canyon Road this August, with Northmarq representing both the buyer and the seller, Chandler Partners.
First-Citizens Bank & Trust Co. originated construction financing in a deal arranged by JLL. First deliveries are expected in spring 2028, with full completion expected by fall of the same year.
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Located in a Difficult Development Area, River Walk Townhomes will sit just off Soledad Canyon Road and close to California State Route 14, providing easy access to Los Angeles less than 35 miles south. Multiple dining and retail options are within walking distance of the property.
The housing mix will feature 144 two- and three-bedroom townhomes, 10 affordable apartments and some 8,500 square feet of commercial and retail space. Amenities at the pet-friendly community will include a clubhouse, fitness center, resident lounge, pool, spa, tot lot, dog park, as well as outdoor grill stations.
Northmarq’s Managing Director Jim Fisher oversaw land acquisition, while Senior Director David Pelaia arranged construction financing.
Los Angeles multifamily pipeline declines
New multifamily construction across greater Los Angeles continued to moderate through October, with the active pipeline falling 5.8 percent from the previous three-month period, according to a recent Colliers report. Roughly 23,426 units were underway, down from 24,877 in the previous quarter. Deliveries moved in the opposite direction, however, as developers completed 4,277 apartments during the third quarter, up 72 percent from 2,487 units in the prior period.
Northern Los Angeles added 966 units during the same time frame, while another 4,219 apartments remained under construction. Within a 5-mile radius of River Walk, Yardi Matrix tracks more than 2,000 units across various stages of development.
