TruAmerica Multifamifly Sells Its First Investment in Denver for $74 Million

Los Angeles, CA, December 1, 2015 –TruAmerica Multifamily has sold 3300 Tamarac, a 564-unit apartment community in Denver, CO to Tarzana, CA-based Gelt, Inc. for $74 million.

TruAmerica in partnership with DVO Real Estate and RCG Longview acquired the community from Aimco in March 2014, marking the firm’s entry into the Denver multifamily market.   The Los Angeles-based value-add investor recently completed an extensive renovation and repositioning of the property at the time of sale.   Improvements to the interior units included plank flooring, refreshed color schemes and countertops, lighting and the addition of USB charging ports. The scope of work also included major renovations to the clubhouse and lounge, leasing office and common grounds, in addition to expanded recreation areas and additional state-of-the-art fitness equipment.

Tamarac is the first asset sale for TruAmerica, which has invested approximately $2.4 billion building a portfolio of more than 14,000 units in its first two-and-a-half years of existence.

“We exit Tamarac after meeting our five-year investment objectives in just 18 months,” said TruAmerica President and CEO Robert E. Hart.   “It is a large, well-located asset that still offers additional upside for an experienced operator like Gelt.”

TruAmerica continues to see Denver as an attractive market for multifamily investment as demand for affordable quality apartments far outpaces supply. In September, TruAmerica acquired the Cherry Creek Club, a 561-unit community for $71 million. With the sale of Tamarac, TruAmerica’s Denver portfolio totals 1,675 units.

David Martin and Pamela Koster of Moran & Company represented both the seller and buyer in the transaction.

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $4.6 billion portfolio of more than 23,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada and Utah. For more information on TruAmerica Multifamily, visit or call (424) 325-2750.

About DVO Real Estate

DVO Real Estate is a New York-based real estate investment management company that invests ‘gap equity’ in multifamily properties located in top-tier growth markets in the United States. A registered Exempt Reporting Investment Advisor, the company primarily targets middle-market assets where maximum value can be created through renovation, repositioning and recapitalization strategies. For more information on DVO Real Estate, visit or call (212) 391-0902.

About RCG Longview

RCG Longview, the primary real estate investment platform for Ramius LLC, was founded in 1999 by Peter Cohen, Jeffrey Feil, Jay Anderson, Jonathan Estreich and Michael Boxer. RCG Longview provides unconventional financing solutions and operational expertise for real estate products and investments and has been successfully investing across the real estate spectrum for over 15 years. To date, RCG Longview has consummated over 488 debt and equity transactions and has deployed in excess of $3.4 billion in capital, employing an owner/manager approach to each of its real estate activities. For more information on RCG Longview, visit or call (212) 356-9200.