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6/14/16
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TruAmerica Multifamily has boosted its 1,000-unit multifamily portfolio in the San Francisco Bay area with the acquisition of a newly constructed, 136-unit Class A apartment complex in the city’s Bayview District. TruAmerica acquired the asset, in partnership with MSD Capital L.P., from Holliday Development in an off-market transaction said to be worth around $64 mil.
Located at 5880 Third St, Waterbend comprises one- and two-bedroom apartments, with 20 units set aside for affordable housing. The units, which range in size from 572 sf to 1k sf, feature complete appliance packages with full-size washers and dryers, Corian countertops, and vinyl plank flooring. Community amenities include a fitness center, resident lounge, dog wash station and a 10k sf central courtyard with an outdoor fire pit.
TruAmerica has been an active investor in Northern California multifamily assets since its formation in June 2013. With Waterbend, TruAmerica’s Bay Area holdings now include six assets totaling 1,181 units. One of the most active multifamily investors in the United States, TruAmerica has acquired 18,000 units located throughout the Western United States and Maryland in just 3 years.
“San Francisco continues to be supply constrained with a limited number of new multifamily units coming online relative to the strong demand in the city,” said TruAmerica Senior Managing Director of Capital Markets, Noah Hochman. “By sourcing this pre-sale opportunity off market, we were able to acquire the asset at an attractive price, in a submarket we feel is poised for tremendous growth.”
The Bayview submarket is located in southeast San Francisco near Hunters Point. Historically an industrial area, Bayview has benefited from the city’s efforts to stimulate business, employment and housing growth in the area with the adoption of the Bayview-Hunters Point Redevelopment Plan. As a result, Bayview is undergoing an extraordinary urban renewal that includes the 800-acre, $10 bil San Francisco Shipyard and Candlestick Point projects being developed by Five Point Communities. Bayview is also experiencing a growing amenity base that includes a new Macerich mall, popular San Francisco retail stores, entertainment, boutique coffee shops, restaurants and breweries.
This is the second investment for TruAmerica with MSD Capital L.P. Last month the partnership acquired a 1004-unit apartment portfolio in suburban Baltimore, Maryland. TruAmerica has retained Greystar to manage the lease-up and stabilization of the property given their in-depth understanding of the local submarket.
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