The property with TruAmerica’s CEO Robert Hart (Credit: TruAmerica)
TruAmerica Multifamily, a value-add investment firm, has acquired a 264-unit apartment in Huntington Beach for $90.5 million, adding to the company’s growing Los Angeles portfolio.
The seller was an affiliate of UDR, which paid $33.8 million for the property in 2003, records show.
West Los Angeles-based TruAmerica plans to renovate the Pacific Shores, a Class B property. That will include a complete overhaul of 74 aging units. The company will also make improvements to the outdoor pool and spa, landscaping, barbecue areas and fitness center, it said in a release announcing the sale.
The acquisition was financed with a seven-year loan through Freddie Mac’s select sponsor program, arranged by Mitch Clarfield of Berkeley Point Capital.
TruAmerica manages a $7 billion portfolio of 33,000 apartment units in nine states. It paid $163 million to acquire a 395-unit luxury apartment community in the Warner Center district nearly two years ago. It also owns the Vermont, a 464-unit high-rise building in Koreatown it acquired in mid-2014.