Los Angeles-based TruAmerica Multifamily has expanded its Pacific Northwest and Southwest portfolios with two rare acquisitions—the 166-unit Archstone Redmond Lakeview in the Seattle metro and the 257-unit Park Tower Apartments & Townhomes in the Phoenix metro.
“These transactions underscore TruAmerica’s ability to source and secure irreplaceable assets where demand is underpinned by limited supply and strong employment fundamentals,” said Matt Ferrari, head of acquisitions and co-chief investment officer. “Through long-standing relationships and disciplined execution, we accessed compelling opportunities in two of the most competitive metros in the country—one off-market—both with meaningful value-add potential.”
Both apartment communities are in supply-constrained, strategically positioned submarkets.
TruAmerica will rebrand Archstone Redmond Lakeview in Redmond, Washington, as The Docks at Redmond Lakeview.
Archstone Redmond Lakeview in Redmond sits on Lake Sammamish and is touted as one of only seven multifamily properties in the Seattle metro with true waterfront adjacency. Built in 1987, the garden-style community boasts 45 income-generating boat slips. It also is less than a mile from Microsoft’s expanding global headquarters and close to major tech employers, such as Amazon, Google, and Meta.
TruAmerica is rebranding the community as The Docks at Redmond Lakeview and has plans to improve all units with condo-quality renovations. CBRE’s Eli Hanacek, Kyle Yamamoto, and Mark Washington facilitated the transaction.
Park Tower Apartments & Townhomes in Chandler features a mix of 180 garden-style apartments built in 1986 and 77 condo-quality townhomes built in 2017. It is close to schools, walkable retail and dining, and the Price Corridor employment hub with over 40,000 jobs across Fortune 500 companies, such as Intel, Wells Fargo, PayPal, and Northrop Grumman.
The community will be rebranded as Parklane Commons, and plans are in the works for operational efficiencies and targeted renovations. Newmark’s Chris Canter, Brad Goff, and Brett Polacheck along with Berkadia’s Dan Cheyne facilitated the off-market transaction. Newmark’s Mitch Clarfield, Meghan Vraga, and Garrett Swanky facilitated the financing.
“These properties each represent highly differentiated product types in exceptionally desirable, supply-constrained locations adjacent to growing employment hubs,” said TruAmerica managing director Wes LaBar. “Acquisitions of this caliber are not only difficult to source but nearly impossible to replicate—which is why we are excited to add them to our portfolio and execute our strategy of building better communities in high-demand markets.”
TruAmerica, a national vertically integrated multifamily investment firm, ranks No. 26 on the National Multifamily Housing Council’s top owners list this year, with nearly 39,000 units owned as of Jan. 1.
