LOS ANGELES, Calif. (April 1, 2014) – TruAmerica Multifamily, a Los Angeles-based real estate investment firm led by industry veteran Robert E. Hart and The Guardian Life Insurance Company of America, today announced the acquisition of Tamarac Village Apartments, a 564- unit multifamily complex in Denver, Colo., for $55 million. The firm completed the transaction in partnership with DVO Real Estate and RCG Longview. Following the recent $27 million purchase of Westhaven Apartments in Seattle, Wash., the purchase of the metro-Denver property represents the second addition this month to TruAmerica’s nearly 10,000-unit management portfolio and is the first Colorado acquisition for the multi-state real estate investment firm.
“Denver is one of the fastest growing large cities in the U.S. and ranks among the top performing cities nationwide with respect to job seekers and high-tech businesses,” said Greg Campbell, Director of Acquisitions. “As TruAmerica’s first acquisition in Denver, Tamarac Village presented a strong, value-add opportunity as a large, well-located asset. We want to be where the action is, and Southeast Denver is an epicenter of job creation and business innovation. Tamarac Village is a prototypical TruAmerica investment given its attractive accessibility to major retail centers and public transportation.”
“Although Tamarac is DVO’s first transaction with TruAmerica, both Robert Hart and myself have been doing business for over a decade,” said David Valger, Founder and Managing Partner of DVO Real Estate. “I am very excited about the talented team TruAmerica has built and look forward to participating in their growth and success.”
Tamarac Village is a 564-unit property centrally located in Southeast Denver, which appeals to commuters given its proximity to more than 423,000 jobs within a 10-minute drive. Totaling over 411,000 rentable square feet on 24 acres, the asset features studio-, one- and two-bedroom floorplans. In addition to its strategic location within metro Denver’s largest employment center, Tamarac Village also attracts residents due to its adjacency to major retail centers, including SuperTarget, Walmart Super Center and Whole Foods.
Upon completion of the $7.8 billion FasTracks plan to expand the light rail and bus systems, Tamarac Village is also poised to become a highly desirable transit-oriented community. TruAmerica’s property upgrade plans will further attract the working professional demographic found in the submarket through new contemporary interiors and exteriors, as well as the modernization of common spaces. The value add additions to the interior units will include plank flooring, refreshed color schemes and countertops, lighting and the addition of USB charging ports. Community amenity upgrades will consist of designer 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.
The Tamarac Village transaction was brokered by Mark Peppercorn, Pat Stucker, Ray White and Jeff Haag, multifamily experts with Jones Lang LaSalle Capital Markets.
Financing was procured through the HFF debt group from Orange County, Calif. headed up by Charles Halladay. About TruAmerica Multifamily TruAmerica Multifamily, a joint venture with The Guardian Life Insurance Company of America, is an investment firm focused on acquiring, managing and rehabilitating Class B or better multifamily housing on the West Coast of the United States that launched in July 2013. With the goal of building a portfolio of $1 billion in assets by 2015 and investing $300 million into those acquisitions, TruAmerica Multifamily is poised to be an industry leader in multifamily housing. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (818) 290-5770. About DVO Real Estate DVO Real Estate is a Real Estate investment company founded by David Valger to provide investors direct access to consistent annual returns through properly structured deals within the multifamily sector of commercial real estate in the United States. DVO seeks to generate a better risk adjusted return by investing in top MSA’s and producing dependable equity level annual returns for its investors while taking less than typical equity level risks. For more information on DVO Real Estate, visit www.dvorealestate.com or call (212) 391-0902. About RCG Longview RCG Longview is a real estate investment platform created by Ramius LLC, The Feil Organization, and Jonathan Estreich. Since 1999, the principals have leveraged off their collective expertise, as owners and managers of real estate and have successfully employed such philosophy to the RCG Longview investment activities. Over its lifespan, RCG Longview has invested in a diverse set of real estate assets ranging from mezzanine loans, to value-add multifamily, to ground up development projects, and continues to do so in the latest series of acclaimed RCG Longview Funds. For more information on RCG Longview, visit www.rcglongview.com or call (212) 356-9200.