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July 17, 2014
CBRE Capital Markets represented Berkshire Property Advisors in a $229 million sale of three apartment complexes with 1,514 units in Washington and Colorado to TruAmerica Multifamily. The sale includes Carriages at Fairwood Downs, a 400-unit complex in Renton that TruAmerica bought for $61.8 million in June.
Kevin Geiger and Malcolm McComb of CBRE Capital Markets represented Berkshire. Dan Woodward, David Potarf and Matt Barnett of CBRE's Denver office assisted in the Colorado transactions. Jon Hallgrimson, Eli Hanacek and Frank Bosl of CBRE's Seattle office worked on the Renton transaction. Brian Eisendrath of CBRE's Los Angeles office arranged $168 million in financing for TruAmerica.
TruAmerica is a joint venture between Robert E. Hart, former president of Kennedy Wilson Multifamily Management Group, and The Guardian Life Insurance Co. of America. It plans to spend up to $30 million renovating the apartments, which were built in the 1970s and 1980s.