TruAmerica Teams with Oaktree Real Estate Income Trust to Acquire 448-Unit Community in Atlanta, GA
By: TruAmerica Multifamily
Anzio represents the third deal TruAmerica has bought in Atlanta this year and continues the firm's growth in the Southeast in a meaningful way, according to TruAmerica Co-Chief Investment Officer Matthew Ferrari. In January, TruAmerica purchased Junction at Vinings, a 360-unit community, and The Prato at Midtown, a 342-unit property in separate transactions totaling $127.35 million.
"The Atlanta market offers excellent multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, creating strong job and population growth. This has resulted in tremendous demand for well-located, quality rental properties" said Ferrari, who oversees the firm's acquisition team.
Anzio is located at 3100 Sweetwater Road in Lawrenceville, and is part of the broader Gwinnett County submarket. TruAmerica was attracted to the area's educational system and pro-business government that is attracting top employers, according to Ferrari. Gwinnett County is one the fastest growing counties in the nation, having more than doubled its population since 2000.
Built in 1986 and sitting on 35.4 acres, Anzio features a mix of one- and two-bedroom homes with large floorplans averaging 975 square feet. Anzio provides TruAmerica with an opportunity to transform all 448 homes to a more modern finish level with stainless "faux" steel appliances, hard surface flooring, tile backsplashes, upgraded plumbing and lighting fixtures and new washer and dryers. TruAmerica will also make significant upgrades to the common areas including the community's two pools and surrounding decks, clubhouse, fitness center, barbecue and outdoor dining areas, dog park and sports courts.
Brian Eisendrath and Annie Rice of CBRE Capital Markets, Inc. facilitated the debt on behalf of TruAmerica and Oaktree.
Nathan Swenson of Cushman & Wakefield represented both parties to the transaction.
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 an $8.4 billion portfolio of approximately 40,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida and Georgia. For more information on TruAmerica Multifamily, visit http://www.truamerica.com or call (424) 325-2750.
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