In its second big multifamily acquisition in Orange County this year, TruAmerica Multifamily, along with ASB Real Estate Investments, has purchased a 251-unit apartment complex in Fountain Valley for $86M.
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The Corte Bella sits on a 12-acre site at 9580 El Rey Ave. Built in 1969, the two-story apartment community features a mix of one- and two-bedroom units and has seven swimming pools, a fitness center, a dog park, courtyards and barbecue picnic areas. The complex was 97% occupied at the time of closing.
The JV of TruAmerica and ASB Real Estate purchased the site from an undisclosed seller. Moran & Co.’s Mike Murphy, Tom Moran Jr. and Mary Ann King represented the seller.
“Fountain Valley is a highly desirable, centrally located Orange County submarket, with a severe shortage of modern rental housing, making Corte Bella a compelling investment opportunity,” TruAmerica Director Zach Rivas said in a news release. “The vast majority of Fountain Valley’s 4,200 multifamily units were built prior to 1980, and due to high barriers to entry, there is very little new product in the pipeline.”
In February, TruAmerica shelled out $90.5M for the 264-unit Pacific Shores apartment community in Huntington Beach from UDR Inc.
With the latest apartment acquisition, TruAmerica has acquired $750M in multifamily assets, totaling 4,000 units over the past 12 months. One-third of those acquisitions were in Southern California, according to TruAmerica officials in the news release.
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