|
|
1/09/15
|
TruAmerica Multifamily and joint venture partner Investcorp have acquired Waterleaf Apartments, a 456-unit residential asset in the North San Diego County suburb of Vista. The property was purchased from RedHill Realty Investors and AEW Capital Management in an off-market transaction valued at $86.2 mil, or about $189k/unit.
Built in 1984 on a well-located, 20-acre site in northwest Vista, Waterleaf is a mix of one- and two-bedroom apartments ranging in size from 740 sf to 940 sf, each with its own washer and dryer. The highly amenitized apartment community features a clubhouse, two pools/spas, fitness center, tennis and basketball courts, playground and pet park. The property was 97 percent leased at closing.
TruAmerica will undertake a multi-million dollar capital improvement program that will include common area upgrades and the completion of unit interior renovations that were started by the previous owner. Improvements will include faux-wood flooring, upgraded cabinets and countertops, and new appliance packages.
“While the previous owners were good stewards of the property, Waterleaf remains an excellent value-add opportunity in a market with strong multifamily fundamentals,” said TruAmerica’s Senior Managing Director of Acquisitions Greg Campbell. “The property is located along the Highway 78 / Interstate 15 transportation corridor in one of the most desirable rental markets in North San Diego County. Waterleaf benefits from abundant drive-by traffic and proximity to shopping, recreation and several sizeable employment centers.”
With the acquisition of Waterleaf, TruAmerica has been involved in two of the largest multifamily transactions recorded in supply-constrained San Diego County in the past 18 months. TruAmerica also advised on the $81 mil, October 2013 acquisition of Plaza D’Oro, a 221-unit Class A apartment community in Oceanside.
Since being founded in July 2013 as a joint venture between industry veteran Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has quickly built a new acquisition portfolio of 4,900 units valued at over $1 bil, boosting its Western U.S. management portfolio to 13,000 units.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
