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3/12/19
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TruAmerica Multifamily has acquired two multifamily assets, in Denver, CO and Orlando, FL, in separate transactions totaling over $126 mil. One of the acquisitions is for Loretto Heights, a 312-unit apartment community in Denver that went for $72.25 mil ($231.5k/unit). TruAmerica also spent $54 mil for Legends at Lake Mary, a 272-unit apartment community in Orlando.
Built in 1988, Loretto Heights is located 15 minutes from Downtown Denver, which is home to 133,000 daytime employees and has experienced a 74 percent increase in tech employment since 2010. It is also centrally located to a variety of major employers such as Oracle, United Healthcare, and TransAmerica. Denver has one of the most diverse economies in the country, with no major industry making up more than 18 percent of its total employment.
With only 61 of the 312 apartments fully upgraded, Loretto Heights, represents an attractive value-add opportunity. In addition to bringing the remaining homes to fully renovated status with new stainless steel appliances, hard-surface flooring, stone countertops and modern lighting and plumbing fixtures, TruAmerica will upgrade the exterior and common areas to enhance the property’s overall curb appeal.
HFF’s Denver office, led by Jordan Robbins and Anna Stevens, represented both parties in the transaction. As a Freddie Mac Select Sponsor, TruAmerica leveraged the acquisition with attractive financing through the agency’s 10-year floating rate program, arranged by Charles Halladay, Michael Gigliotti and Jamie Kline of HFF. TruAmerica now owns and operates five properties in Denver totaling approximately 2,000 apartments.
Legends at Lake Mary, TruAmerica’s eighth asset in Orlando, increases its Florida holdings to more than 4,400 apartments. While the property has been well maintained only a small percentage of the homes have been upgraded since its construction in 1997. In addition to full interior unit renovations including new appliances and modern finishes, TruAmerica also will make improvements to the community’s numerous amenities including the clubhouse, fitness center, tennis and volleyball courts, and pool areas in order to improve the quality of living for the residents.
Following an active 2018 with acquisition volume of nearly $1 bil, TruAmerica has now made more than $300 mil in multifamily investments in the first two months of the year, including its first in the state of Georgia. With Loretto Heights and Legends at Lake Mary, the Los Angeles-based multifamily investment firm increases its already substantial footprints in two of the strongest multifamily markets in the country, according to Head of Acquisitions and Co-Chief Investment Officer Matthew Ferrari.
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