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9/06/18
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TruAmerica Multifamily in partnership with capital partner ASB Real Estate Investments on behalf of its Allegiance Real Estate Fund, has acquired Corte Bella, a 251-unit multifamily community in the OC city of Fountain Valley, for $85.8 mil ($342k/unit).
Built in 1969, Corte Bella is located on an ultra-low-density, 12-acre site at 9580 El Rey Ave, adjacent ot the 405 Fwy at Slater Ave. The community features a mix of one- and two-bedroom apartment homes with private garages in 33, two-story residential buildings. Common area amenities include seven swimming pools, fitness center, dog park, courtyards and barbecue picnic areas. Corte Bella was 97% occupied at the time of closing.
TruAmerica’s planned multimillion-dollar capital improvement program for the property will include the installation of washer/dryer connections in each of the apartments. This will allow for the conversion of nine existing laundry facilities to a variety of new tenant amenities such as a business center, pet spa and bike storage.
The property was marketed on behalf of the seller by the Moran & Company team of Mike Murphy, Tom Moran, Jr. and Mary Ann King. The acquisition was leveraged with 10-year financing through Freddie Mac’s select sponsor program, which was arranged by Berkeley Point Senior Managing Director Mitch Clarfield.
This is TruAmerica’s second significant Orange County investment in the past six months. In February, the firm acquired a 264-unit apartment community in Huntington Beach for $90.5 mil. Both are among the largest single asset multifamily acquisitions in Orange County in 2018. TruAmerica has acquired approximately $750 mil in multifamily assets, totaling 4,000 units over the past 12 months, with nearly one-third in the Southern California area.
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