{"id":1004099532,"date":"2014-06-28T19:29:13","date_gmt":"2014-06-29T03:29:13","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=272595"},"modified":"2022-03-03T23:10:40","modified_gmt":"2022-03-04T07:10:40","slug":"truamerica-multifamily-purchases-third-m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/truamerica-multifamily-purchases-third-m\/","title":{"rendered":"TruAmerica Multifamily Purchases Third M"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

TruAmerica Multifamily recently closed on the purchase of a multifamily complex in the Seattle suburb of Renton in a deal worth $28.7 million. The L.A.-based real estate investment firm further expanded its metro Seattle portfolio with the purchase of Montclair Heights, which followed the completion of two other residential acquisitions in the market over the past six months.<\/p>\n

TruAmerica\u2019s other buys included the December 2013 purchase of the Arcadia Luxury Townhomes in Federal Way and the Westhaven Apartments in Seattle, acquired this past March. The buyer acquired the property in partnership with LEM Capital L.P. and financed it with a five-year rehab bridge loan from OneWest Bank.<\/p>\n

Montclair Heights is a 174-unit residential asset tota\"\"<\/a>ling more than 200,000 rentable square feet located. The complex offers two- and three-bedroom units, with an average unit size of around 1,153 square feet. Montclair Heights occupies a 16-acre plot of land that offers park-like landscaping and a resident amenity package that includes a pool, a common clubhouse, a fitness facility and a spa. The community is located in Seattle\u2019s metropolitan area, minutes away from job centers such as the Central Business District Bellevue and the Boeing Renton Plant. Transportation is also easily accessible, with the I-405 and Highway 169 nearby, as well as the Sea-Tac International Airport.<\/p>\n

The new owner has already planned a number of improvements for the property that aim to add contemporary finishes to the interiors and exteriors and modernized amenities in the common areas. Noah Hochman, director of acquisitions at TruAmerica Multifamily, voiced the company\u2019s confidence in the metro Seattle residential market, noting that the buyer is \u201cpleased to complete our third property acquisition in the region, following our purchases of Arcadia Luxury Townhomes and Westhaven Apartments.\u201d<\/p>\n

Image courtesy of apartmentguide.com <\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

TruAmerica Multifamily recently closed the purchase of a multifamily complex located in the Seattle suburb of Renton in a deal worth a total of $28.7 million. The L.A.-based real estate investment firm has further expanded its metro Seattle portfolio with the purchase of the Montclair Heights, after completing two other residential acquisitions in the market over the past six months.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[1815],"class_list":["post-1004099532","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle","tag-national"],"acf":[],"yoast_head":"\nTruAmerica Multifamily Purchases Third M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/truamerica-multifamily-purchases-third-m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TruAmerica Multifamily Purchases Third M\" \/>\n<meta property=\"og:description\" content=\"TruAmerica Multifamily recently closed the purchase of a multifamily complex located in the Seattle suburb of Renton in a deal worth a total of $28.7 million. 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