Multifamily investment giant TruAmerica has said it has acquired five suburban apartment communities that together comprise almost 1,500 units in Florida, Phoenix and Ohio.
The acquisition spans three transactions and includes a 981-unit portfolio that’s spread across three properties, which was acquired in partnership with funds managed by Oaktree Capital Management. The portfolio includes 314 units in Linden Crossroads and 449 units in Linden Audobon Park (pictured) in Orlando, plus 218 units in Luxe Scottsdale, Phoenix. The properties, which range from studio apartments to three-bedroom apartment homes, were built between 2015 and 2017, TruAmerica said.
“We are thrilled to further expand our relationship with TruAmerica, especially in markets like Phoenix and Orlando that are benefitting from incredibly strong market fundamentals,” said Jared Lazarus, Managing Director at Oaktree’s Real Estate group.
In a second transaction, TruAmerica said it purchased a 238-unit apartment property in Winter Park, Florida, from the investment manager Park at Napoli. Those units range from one- to three-bedroom apartments.
TruAmerica said the plan is to renovate all of the newly acquired homes, which bring its total holdings in Florida to 25 and its total in Arizona to 12.
“Sunbelt markets from coast-to-coast, including Phoenix and Orlando, are seeing robust multifamily volumes borne of strong market and sector fundamentals, which have translated to impressive durability even through a pandemic and a rising interest rate environment,” said Matthew Ferrari, co-chief investment officer at TruAmerica, in the release.
Lastly, TruAmerica said it has acquired Olde Mill Lakes, a 264-unit apartment property in the Columbus suburb of Dublin, Ohio. That property is said to be made up of one- and two-bedroom units. Previously, in 2021, TruAmerica acquired a 305-home property called Abbington Village near Old Mill Lakes, paving the way for the latest acquisition, it said.
“Dublin is quickly becoming one of Columbus’ most desirable areas to live offering residents a balanced suburban atmosphere with great schools and proximity to some of the metro’s largest employers, popular restaurants and entertainment options,” Ferrari added.
The company said its multifamily portfolio now accounts for around 60,000 units across the U.S.