Adding to its growing multifamily real estate portfolio, Los Angeles-based TruAmerica Multifamily has acquired Pacific Shores, a 264-unit apartment community in Huntington Beach for $90.5M.
Affiliates of real estate investment trust UDR Inc. sold the property to TruAmerica. Eastdil Secured's Mark Petersen represented the seller.
TruAmerica officials said the acquisition was leveraged with seven-year agency financing through Freddie Mac’s select sponsor program. Berkeley Point Capital's Mitch Clarfield arranged the financing.
Pacific Shores at 7701 Warner Ave. in Huntington Beach, which features a mix of one- and two-bedroom units, represents a true value-add investment, according to TruAmerica officials.
The company plans to undergo a multimillion-dollar capital improvement project on the 1970 building that includes overhauling several units. The new features include new stone countertops, kitchen backsplash, cabinet doors and improvements to the pool, fitness center and outdoor barbecue area.
“The competition for this property was extremely fierce,” TruAmerica Senior Managing Director of Acquisitions and Dispositions Greg Campbell said in a news release. “Huntington Beach is a high barrier to entry market boasting great multifamily fundamentals and the opportunity to acquire an institutional quality asset with such tremendous upside is difficult to find here.”
With the acquisition, TruAmerica adds to its portfolio. The company manages a $7B portfolio of 33,000 units across several states, including California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland and Florida.
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