Oaktree, TruAmerica JV Pays $63M For Irving Apartment Complex
Oaktree Real Estate Income Trust acquired an Irving apartment complex for $63.5M as part of a joint venture formed with TruAmerica Multifamily.
The deal, disclosed in a recent Securities and Exchange Commission filing, closed this month, bringing the 408-unit garden-style apartment complex The Arbors of Las Colinas into the joint venture's portfolio. OakTree controls the joint venture, while TruAmerica functions as property manager for the asset, which is already 96% leased.
Oaktree's current investments in commercial real estate are split between multifamily, which makes up 52% of its property investment portfolio, and office, which makes up the other 48%, according to SEC filings.
The two California companies covered the cost of the purchase using a $46M loan from Freddie Mac, with the rest coming in equity.
TruAmerica was founded in Los Angeles seven years ago to buy and renovate value-add workforce housing across the western portion of the United States. News of the acquisition comes 10 months after TruAmerica Multifamily established a Central U.S. headquarters in Dallas, with Ammanuel Metta leading the division.