Southfield is an institutional quality asset built in 1990. The property was acquired in a 3-property portfolio in suburban Maryland and was TruAmerica’s first investment east of Denver. The Mid-Atlantic region is viewed by many investors as an opportunistic play, identified as one of the few remaining major markets yet to have experience the strong recovery rent growth that many of the other major markets have enjoyed within the last 24-36 months. Southfield represents a true and proven value-add opportunity as the previous owner has renovated approximately 65% of the units that have achieved significant renovation premiums. TruAmerica plans to update the previously renovated units to include vinyl flooring throughout and improved blinds, upgrade the remaining units at a higher renovation scope than the previous owner’s renovation program, and make strategic, accretive common area and amenity upgrades.
A 212-unit property ideally situated near the junction of I-95 and I-695 which provides residents a convenient location proximate to Baltimore, Towson, Harford County, Bel Air, and Washington, DC via a nearby MARC station at Martin Airport. Furthermore, the property is less than one mile from White Marsh, a 2,000 acre planned mixed use community anchored by the White Marsh Mall (1.4 million sf), which is a major regional draw for the densely populated surrounding communities and one of the fastest-growing areas in Baltimore County. Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, and backsplash.