TruAmerica Multifamily Extends Value Add Platform With Acquisitions in Seattle and Portland

LOS ANGELES - June 4, 2015 - PRLog -- TruAmerica Multifamily, in partnership with its institutional investors, continues its expansion into the economically robust and dynamic Pacific Northwest with the acquisition of three apartment home communities in Oregon and Washington in transactions totaling $125.3 million.

The acquisitions include two properties in metro Seattle, where TruAmerica owns 1,788 units in King County, and one property in metro Portland marking the Los Angeles-based investment firm’s entry into that market.  The three apartment communities add 841 units to TruAmerica’s now 8,500-unit multifamily portfolio acquired in just 24 months.

TruAmerica specializes in identifying, acquiring and repositioning mid-tier apartment communities to provide higher quality housing in growth markets throughout the Western United States addressing a growing shortage of Class B or better affordable rental units for working class families.  According to real estate market consultancy Yardi Matrix, 85% of multifamily units built since the beginning of 2014 are priced beyond the means of working families. Yet, the demand for housing options for middle-income families remains strong, particularly in the Pacific Northwest, which is experiencing significant job growth in technology, manufacturing, leisure and hospitality, retail, construction and warehousing. This has resulted in some of the best rent growth in the country

“Working Americans want high-quality multifamily housing near these major employment centers and transportation routes, but without the severe rent burden that accompanies most of today’s rental housing,” said TruAmerica Senior Managing Director Noah Hochman who led the acquisition team. “Our goal is to establish an attractive niche in the markets we invest in by offering an affordable and desirable alternative for renters priced out of the CBDs.  In Portland, Class A rents are frequently above $2.50 per square foot and $3.00 in Seattle,” he said.

TruAmerica partnered with DVO Real Estate and RCG Longview for a second time to acquire The Haven at Charbonneau, a 126-unit community in Wilsonville, OR, 30 miles south of Portland, and Somerset, a 329-unit community in Kent, WA both from FPA Multifamily.

“Haven is the first of what we hope will be many more assets in the Portland Metro area,” said Robert Hart, TruAmerica’s CEO and President.

Portland is one of the fastest growing urban markets in the U.S. and has seen its local GDP grow by more than 60% over the last decade, outpacing all of its Western peers.  This is a direct result of the productivity and enduring strength of the area’s economy and employment base, making Wilsonville a magnet for major tech and advanced manufacturing employers.

“This steady employment growth combined with a limited supply of affordable housing, has put upward pressure on multifamily rents, and has created further need for moderately priced housing in the area,” Hart said.

In a separate transaction, TruAmerica partnered with Intercontinental Real Estate Corporation for a fourth time to acquire from Eaton Vance the 386-unit Firdale Village located in the desirable north Seattle submarket of Edmonds. Firdale is a garden-style community that is easily accessible to most Seattle MSA locations, where renters seeking larger homes, mature landscaping, and a less dense setting are left with few options.


Both Firdale and Somerset benefit from “first ring” suburban locations expected to see demand from middle-income renters priced out of multifamily product closer to central Seattle, according to Jessica Levin, Director, Acquisitions for Intercontinental.

TruAmerica plans to invest $13 million in property capital improvement programs, which will include full renovations of all unit interiors, building exterior repairs and enhancements, and significant upgrades to the common area amenities ultimately bettering the resident living experience.

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $3.6 billion portfolio of more than 17,500 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona and Utah. For more information on TruAmerica Multifamily, visit www.truamerica.comor call (424) 325-2750.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC registered investment adviser with expertise in real estate investment, development, asset management, and construction management. Since inception in 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.Intercontinental.net or call (617) 782-2600 for more information.

About DVO Real Estate

DVO Real Estate is a real estate investment firm founded by industry veteran David Valger in 2012. The firm provides structured equity solutions for institutional quality, multifamily assets located in top-tier growth markets throughout the U.S. DVO targets middle market properties where maximum value can be created through renovation, repositioning and recapitalization strategies.  The firm focuses on providing downside protection with upside participation and seeks to provide capital preservation and consistent cash flow.  For more information on DVO Real Estate, visit www.dvorealestate.com or call (212) 391-0902.

About RCG Longview

RCG Longview is a real estate investment platform created by Ramius LLC, The Feil Organization, Michael Boxer, Jay Anderson and Jonathan Estreich. Since 1999, the principals have leveraged off their collective expertise, as owners and managers of real estate and have successfully employed such philosophy to the RCG Longview investment activities.  Over its lifespan, RCG Longview has invested in a diverse set of real estate assets ranging from mezzanine loans, to value-add multi-family, to ground up development projects, and continues to do so in the latest series of acclaimed RCG Longview Funds. For more information on RCG Longview, visit www.rcglongview.com or call (212) 356-9200.

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