TruAmerica Multifamily has increased its footprint in some of the strongest multi-family markets in the United States after closing backyard-style communities in Las Vegas last month; Tampa, Florida; and Salt Lake City, Utah, in three separate transactions totaling $ 209 million.
Together, the properties total nearly 1,000 apartments and increase the added value of the Los Angeles-based multi-family investment firm’s portfolio to over 45,000 units.
Florida, Nevada and Utah, which account for roughly 25% of TruAmerica’s portfolio, are among the most fundamentally healthy multi-family markets in the United States, showing strong growth in wages, population and employment, according to co-director of investments Matthew Ferrari.
“Much of this is due in large part to the migration of businesses and the families that follow them to these low-cost states. “
The three properties, built between 1985 and 1995, represent an interesting added value opportunity, as each will benefit from the improvements made by TruAmerica to the interior, exterior and amenity spaces.
TruAmerica Multifamily is a vertically integrated, multi-family, value-added investment company based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the nation’s most active multi-family investors and manages a portfolio of approximately 46,000 units in prime locations in California, Washington, Oregon, Colorado, Arizona, Nevada , Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas.