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BAY AREA NEWS
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TruAmerica Multifamily Closes $59 Mil NoCal Buy

8/06/15

TruAmerica Multifamily has just closed its largest acquisition to date in the Bay Area. The firm, in partnership with Intercontinental Real Estate, paid $59 mil for Maribelle Apartment Homes, a 287-unit, garden-style apartment community in Santa Rosa. It was sold by Fairfield Residential. The transaction represents TruAmerica’s fifth joint venture, encompassing almost 1,300 units, with Intercontinental.

Built in 1987 and located at 750 Apple Creek Lane, west of Dutton Ave and north of 3rd St, Maribelle Apartments is the largest apartment community in Santa Rosa. It features a mix of one- and two-bedroom apartment homes on a low-density, 13.4-acre site and includes a clubhouse fitness center, resort-style pool, dog park and picnic areas with barbecues.

The property has easy access to US 101 and California State Highway 2 and is near the soon-to-be-completed Santa Rosa Station of the Sonoma Marin Rail Transit Service. It is well located within walking distance to the Historic Railroad Square and Downtown districts and within a three-mile radius of 2.5 msf of retail, dining and entertainment options.

Since acquiring its first asset in San Jose, in 2013, the Los Angeles-based investment firm has become one of the most actives buyers of multifamily properties in the United States, building a portfolio of nearly 10,000 units including over 1,000 in the San Francisco Bay Area.

“There is probably greater demand for workforce housing in the Bay Area than any other region in the United States,” said Greg Campbell, Senior Managing Director of Acquisitions for TruAmerica. “Unlike many large cities where economic growth is limited to a particular area, the Bay Area is continuing to experience strong economic fundamentals across an entire region which stretches more than 100 miles from San Jose to Santa Rosa.

San Francisco and the Peninsula have experienced 46 percent and 50 percent respectively in rent growth over the past four years, according to RealFacts. This has put additional upward pressure on rents in outlying areas. In Santa Rosa, which is 50 miles north of San Francisco, rents have increased approximately 28 percent over the same period.

Rents should continue to climb in Santa Rosa, which already boasts an average rental occupancy rate of 97 percent, as there is very little product in the pipeline. According to Marcus & Millichap’s Institutional Property Advisors, who marketed the property on behalf of Fairfield, construction of new apartment inventory has been limited due to the city’s historically controlled growth approach to residential development. Approximately 70 percent of the city’s 6,600 units were built before 2000.

The purchase was financed with a seven-year, interest only, fixed rate agency loan originated by Brian Eisendrath and Cameron Chalfant at CBRE Capital Markets Inc.






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