A Los Angeles-based real estate firm is gaining a foothold in the Orange County multifamily market.
TruAmerica Multifamily, in partnership with ASB Real Estate Investments, has paid $85.8 million to acquire Corte Bella, a multifamily property in Fountain Valley, the companies announced Wednesday.
The deal marks the second large investment in Orange County for TruAmerica in just six months. Earlier this year, the firm paid $90.5 million to acquire a 264-unit complex in Huntington Beach, TRD previously reported. Sources familiar with the deal said the seller was Shea Apartments, an Aliso Viejo-based company that owns and operates apartment communities throughout California and Colorado.
Located at 9580 El Rey Avenue, the 264-unit Corte Bella community features a mix of one and two-bedroom units spread across 33 two-story buildings. There’s also seven swimming pools, a fitness center, dog park and several courtyards across the property.
The joint venture is planning on renovating the apartment complex, which was built in 1969. As part of a multimillion-dollar capital improvement project, the developers will convert nine existing laundry facilities to business centers, a pet spa and bike storage, according to a company statement.
Mike Murphy, Tom Moran, Jr. and Mary Ann King of Moran & Company, brokered the sale. The acquisition was financed with a 10-year loan through Freddie Mac, arranged by Mitch Clarfield at Berkeley Point.
TruAmerica manages a portfolio of more than 36,000 apartment units in nine states. Over the past year, the firm has acquired $750 million in multifamily assets with a total of 4,000 units. In its portfolio, it currently has a 395-unit luxury apartment community in the Warner Center and the Vermont, a 464-unit high-rise in Koreatown.