Why TruAmerica Thinks LA Has More Upside Than The Bay
TruAmerica Multifamily and Intercontinental Real Estate Corp ended last year with a bang by purchasing the Millennium Woodland Hills, which it will rebrand The Motif, for $163M. Bisnow caught up with TruAmerica senior managing director Greg Campbell, who tells us the firm continues to see a lot of upside in the LA area.
“Unlike the Bay Area and Seattle markets, where market rent growth has been double-digit in some years, Los Angeles has had more measured growth coming out of the recession, and we feel there is a lot of runway left,” he tells Bisnow.
The 385-unit building at 21021 W Erwin St in Woodland Hills was completed just last year by Dinerstein Cos and is the first LEED Gold Certified apartment development in that area.
The Motif includes a mix of one-, two- and three-bedroom floor plans and boasts some top-notch amenities, including two swimming pools with aqua lounges, a 24/7 clubhouse, a fitness center, a WiFi lounge with coffee bar, a community garden, a dog park and a seven-story parking structure.
This is the sixth multifamily buy in LA County for TruAmerica, and the second-largest single asset purchase for the Los Angeles-based real estate investment firm. In August 2014, TruAmerica acquired the 464-unit Vermont high-rise apartment complex on Wilshire Boulevard in Koreatown for $283M. The deal also represents TruAmerica’s sixth JV move with Intercontinental, now totaling about 1,700 units.