TruAmerica Continues Sunbelt Activity with $147M Asset Recapitalizations
TruAmerica Multifamily is remaining active in the Sunbelt region with the recent $146.7 million asset recapitalizations of two of its existing properties.
The first one is known as Tesoro Ranch Apartments, which is home to 400 units. The Southeast Las Vegas location features in-unit washers and dryers, walk-in closets private patios, and stainless steel appliances, which average 1,000 square feet.
TruAmerica first bought the apartment community for $61.7 million in 2019. While it has gone through renovation, it is set to be expanded with the new equity from the recapitalization.
"Tesoro Ranch will be acquired with new fixed rate financing from Freddie Mac, which is being facilitated by PGIM," TueAmerica said.
The other recapitalization is for Junction at Vinings in Atlanta. Since purchasing in 2019, TruAmerica said it has renovated 185 of the 360 units, which includes various upgrades to the apartments including for stainless-steel appliances, flooring, and cabinets. It has also made improvements to amenities such as the clubhouse, pool, and fitness center. TruAmerica did not reveal any other specifics for the future Junction plans but said that the recapitalization will help it continue to "accretive renovations."
"Despite the myriad challenges faced in today's market, we continue to remain active by leveraging our deep relationships with existing partners while simultaneously establishing relationships with new partners," Matt Ferrari, head of acquisitions and co-chief investment officer of TruAmerica, said.
"Those efforts have enabled us to double down on two strategic investments of Tesoro Ranch Apartments and Junction at Vinings, both high-quality communities in strong submarkets that benefit from solid demographics. TruAmerica is excited to continue improving both properties with this infusion of new capital."
The move to make improvements to the properties comes after its recent announcement of acquiring an apartment complex in Plano, Texas for $50.3 million. In addition to the Dallas/Fort Worth area, TruAmerica has assets in San Antonio, Austin, and Houston.
Source: GlobeSt/ALM