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July 24, 2015
TruAmerica Multifamily of Los Angeles said it has purchased a portfolio of five Seattle and Portland-area suburban apartment complexes for $115 million.
The Seattle-area portion of the portfolio consists of three Kent complexes: The Lighthouse, 76 units; The Village at Lake Meridian, 177 units; and Somerset, 329 units.
TruAmerica's Portland-area purchases are Park at Tualatin, a 210-unit complex in Tualatin; and Haven at Charbonneau, a 126-unit complex in Wilsonville.
TruAmerica bought the Somerset and Haven at Charbonneau properties last month and recently completed the purchase of the other three.
DVO Real Estate and RCG Longview are TruAmerica's institutional partners in the portfolio purchase. FPA Multifamily is the seller.
TruAmerica and its partners plan to invest $8 million to upgrade units and common areas in all five complexes.
TruAmerica said it has acquired a portfolio of 36 properties with nearly 9,500 units since it was founded in 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Co. of America. About a quarter of those are in the Seattle and Portland areas.
Noah Hochman, senior managing director at TruAmerica, said the company wants to provide high quality housing to people who are being priced out of Seattle and Portland's hottest neighborhoods.