TruAmerica Makes A Big Splash With Bayview Apartment Acquisition
TruAmerica Multifamily and MSD Capital partnered to purchase a 136-unit apartment complex in San Francisco’s Bayview District. The off-market acquisition brings TruAmerica’s Bay Area portfolio to six assets or 1,181 units in total.
The Waterbend at 5880 Third St offers tenants one- or two-bedroom offerings. TruAmerica senior managing director of capital markets Noah Hochman (one of our speakers at Bisnow's Annual Multifamily and Mixed-Use Conference) says the acquisition is significant because the submarket is “poised for tremendous growth.”
MSD head of real estate Barry Sholem points to the market’s access to transportation infrastructure as a key draw. This is the second transaction where MSD and TruAmerica have joined forces.
Bayview development has accelerated in recent years, despite some false starts.