TruAmerica pays $91M for Huntington Beach apartment complex

Los Angeles /
Feb.February 20, 2018 12:00 PM
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.


Related Articles

arrow_forward_ios
Landlords are organizing a protest around the lack of mortgage relief government policies and the inability to hit tenants with eviction notices.

What do we want? Mortgage relief!: Landlords plan LA protest

What do we want? Mortgage relief!: Landlords plan LA protest
Mike Bannon, California Apartment Association, executive director

Mom-and-pop resi landlords are already struggling

Mom-and-pop resi landlords are already struggling
An illustration of David Lee

A boomtown for a bygone era: Koreatown developers face a reckoning

A boomtown for a bygone era: Koreatown developers face a reckoning
Tani Cantil-Sakauye (Credit: Earl Gibson III/Getty Images)

Landlords sue California over eviction ban

Landlords sue California over eviction ban
Eric Garcetti, Nury Martinez, and Daniel Yukelson (Credit: Marc Flores and Alberto E. Rodriguez via Getty Imahes, Linkedin, and iStock)

LA landlords sue city over residential eviction ban

LA landlords sue city over residential eviction ban
Daniel Yukelson of Apartment Association of Greater L.A. and L.A. City hall (Credit: iStock)

For CA landlords, abysmal is the new normal

For CA landlords, abysmal is the new normal
Daniel Yukelson of Apartment Association of Greater L.A. (Credit: iStock)

Landlords fuming over sexual harassment “reports”

Landlords fuming over sexual harassment “reports”
Kevin Conway, director of acquisitions at IDEAL Capital Group in Clovis (Credit: iStock)

Don’t sound the alarm! CA May rent checks not in freefall

Don’t sound the alarm! CA May rent checks not in freefall
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...