TruAmerica Acquires Communities in Phoenix, Orlando and Columbus Totaling Nearly 1,500 Units

LOS ANGELES - Rezul -- In three separate transactions TruAmerica Multifamily has closed on five suburban apartment communities representing nearly 1,500 units.  The assets are located in Orlando, FL, Phoenix, AZ and Columbus, OH.

In the largest transaction, TruAmerica in partnership with funds managed by Oaktree Capital Management, LP. ("Oaktree") acquired a three-property, 981-unit portfolio from a Norfolk, VA-based real estate investment and management firm.   The portfolio includes the 314-unit Linden Crossroads and 449-unit Linden Audobon Park in Orlando, FL and the 218-unit Luxe Scottsdale in Phoenix, AZ.   The properties were all built between 2015 and 2017 and offer a mix of floor plans ranging from studio to three-bedroom apartment homes.

"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 in Oaktree's Real Estate group.

The portfolio was leveraged with attractive financing arranged by Institutional Property Advisors' Brian Eisendrath,Cameron Chalfant, Jake Vitta and Jesse Garson Zarouk.

In a separate transaction, TruAmerica acquired from a New York-based alternative investment manager Park at Napoli, a 238-unit apartment property in Winter Park, FL, a suburb of Orlando. Built in 1986, the garden-style community features a mix of one-, two- and three-bedroom floorplans at an average unit size of approximately 850 square feet.    After immediately addressing deferred maintenance issues, TruAmerica will undertake a thoughtful capital improvement program that will include the renovation of apartment interiors and common areas in order to enhance the living environment for the residents.  Cushman & Wakefield's Mike Donaldson & Nick Meoli in the firm's Tampa, FL office brokered the transaction.

More on Rezul News

• Defense & Space Strategy Strengthens as New Leadership Builds on NASA Results and Expanding Multi-Orbit Opportunities for Ascent Solar Technologies
• STS Capital Partners is pleased to announce the appointment of Barry Brown as Vice President, Business Development
• Qscription Technologies and NEOPATHOLOGY CORP. Sign MOU to Bring FDA-Cleared Lung Imaging AI into U.S. Clinical Practice
• JKO Land Investments LLC Expands Residential Land Acquisition Operations Across the Southeast
• Vallejo Home Prices Are Down—So Why Are So Many Homes Still Selling Over Asking?

"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 TruAmerica Co-Chief Investment Officer Matthew Ferrari, who led the acquisition team.

The acquisitions increase TruAmerica's holdings to 25 properties in Florida and 12 in Arizona.

Lastly, TruAmerica  invested in its second multifamily community in the state of Ohio with the acquisition Olde Mill Lakes, a 264-unit apartment property in the Columbus suburb of Dublin OH.   Built in 1988, the community features one- and two-bedroom units averaging approximately 1,054 square feet.   TruAmerica entered the market in November 2021 with the acquisition of Abbington Village a 305-home community located approximately 1/3 of a mile from Old Mill Lakes.

"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 concluded.

The acquisition financing for Park at Napoli and Olde Mill Lakes was arranged by the Walker & Dunlop team of Russell Dey and Justin Nelson.    Andy DiBlasi of Walker & Dunlop was the broker of record on Olde Mill Lakes.

More on Rezul News

• Atlas VMS Acquires CloseClear.ai to Extend AIM-Port into Continuous Collateral Risk Monitoring
• Upper Keys 2026 Fall Real Estate Update
• Heritage at Manalapan Welcomes New Sales Team as Luxury Single-Family Home Community Continues to Grow
• Mandeville Pests May Pose Serious Health Risks for Your Family
• Corner Property Management AAMC Announces Community Management Partnership with Quarry Cove

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $159 billion in assets under management as of June 30, 2022. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 20 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com/.

About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country's most active multifamily investors and manages a portfolio of approximately 60,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah, Ohio, Idaho, New Mexico and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.