TruAmerica Multifamily and RSE Capital Acquire Tampa, FL Apartment Portfolio for $63.75 MM
By: TruAmerica Multifamily
The portfolio acquisition increases TruAmerica's Florida portfolio to nearly 5,000 units, with 20 percent in the Tampa/St. Petersburg market, considered one of Florida's most dynamic apartment markets, according to Co-Chief Investment Officer and Head of Acquisitions Matt Ferrari.
"The Tampa MSA continues to experience exceptional job growth and the employment mix is rapidly shifting toward high-wage occupations in the finance, business services, education, and healthcare industries,"
The acquisition is the first joint venture between TruAmerica and Washington D.C.-based RSE Capital Partners.
"This partnership was fortified through a shared vision for these properties,"
"We're excited to kick off our first deal with TruAmerica, who we regard as one of the top owners nationwide,"
Twin Lakes and Runaway Bay are both 1980s vintage garden-style multifamily communities located 20 minutes apart along US Highway 19, the area's main north-south thoroughfare. Each community features a mix of one- and two-bedroom floorplans situated in two-story residential buildings in a low-density environment.
TruAmerica and RSE will institute a significant capital improvement plan across the portfolio, renovating the interiors with higher end finishes to create a more modern look and feel. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas to enhance the resident living experience.
Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley marketed the properties on behalf of the seller and the acquisition was leveraged with 10-year Agency financing arranged by Newmark Knight Frank Executive Managing Director Mitch Clarfield and Director Ryan Greer.
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 $8.7 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 (http://www.truamerica.com/%
About RSE Capital Partners
RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in $3.5 billion of institutional multifamily assets and deployed over $320 million in 2018. For more information, please visit: rsecap.com (http://www.rsecap.com/
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