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Why TruAmerica Thinks LA Has More Upside Than The Bay

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 Millennium Woodland Hills was purchased for $163M.

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.