Trending...
- The 2025 ESPY Awards After Party- Presented by Poppi & High Noon
- General Auction Company Announces August 8th Auction- Now Accepting Consignments
- $53 Million Company Valuation Investment with Majority Acquisition Option, Plus New Stock CUSIP Supporting Brand Transition of Fan Engagement Company
LOS ANGELES - Californer -- 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 The Californer
"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 The Californer
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.
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 The Californer
- Laube Titanium to Attend MADE Bike Show in Portland, Oregon
- A Century of Compassion: Butte Humane Society Hosts 114th Anniversary Gilded Garden Gala
- United Set to Hire More Special Olympics Athletes As Customer Service Ambassadors
- Exelon Leader Tamla Olivier Named 2025 Technologist of the Year by Waves of Change STEM Conference
- KIDZ BOP RELEASES BRAND NEW ALBUM 'KIDZ BOP 51' FEATURING HITS "APT" & "PINK PONY CLUB"
"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 The Californer
- Be Part of the World's Largest Art Biennale | Moons, Castles, Trees | Copenhagen Chronotopes
- California sends more search and rescue crews to Texas
- YourEggs Is Leading the Way in Providing Access to the Best Asian Egg Donors to Families Worldwide
- California: Governor Newsom and Acting Governor Kounalakis honor fallen CDCR Parole Agent
- California sues to stop Trump's politically motivated attack on high-speed rail
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.
Source: TruAmerica Multifamily
Filed Under: Real Estate
0 Comments
Latest on The Californer
- WonderDays Launches the UK's First AI Experience Gift Finder – Gifting Just Got So Much Easier!
- CelluHeal™ Launches Full Line of Advanced Wound Dressings for Online Purchase in the USA, Canada, and Beyond
- California: Governor Newsom responds to Trump's latest gift to China: Defunding America's only high-speed rail
- California: Governor Newsom announces appointments 7.16.25
- California: Governor Newsom calls on Trump to end Los Angeles militarization, shares community resources
- City of Long Beach to Host Compost and Recycling Ambassador Program
- AMAZON DRIVERS IN CITY OF INDUSTRY JOIN THE TEAMSTERS
- Silva Construction Details Common Home Renovation Mistakes and How to Avoid Them
- Governor Newsom invites LA Fire survivors to continue shaping rebuilding efforts through Engaged California
- DOGUE Magazine and CoverDogs Announce Series A to Redefine Modern Pet Culture
- Voices for Humanity Treks High into the Himalayas to Deliver the Way to Happiness with Meena Sharma
- Nonprofit innovator named Mensa Executive Director
- Following Trump cut to LGBTQ youth suicide hotline, California steps up to fill the gap
- Yasmine Roulleau named Managing Director in Vancouver, Canada
- Chasing Elizabeth Taylor — The Dazzling True Story Behind the Queen of Diamonds Now Available in Limited-Edition Hardcover
- Swim Up Hill Animation Premieres Pilot Episode of "The Adventure of Swim Up Hill"
- LOS ANGELES TEAMSTERS AT METRO TRANSIT RATIFY FIRST CONTRACT
- Calmwater Capital Funds $22.8 Million Loan to Refinance Retail Complex in Park City
- From Barrio to Transgender Pioneer: Chapter 14 Personal Injustices Faced by the Protagonist
- Blacksmith InfoSec and Liongard Launch Strategic Integration to Simplify MSP Compliance Audits