LOS ANGELES, CA (April 1, 2014) –TruAmerica Multifamily, the Los Angeles-based real estate investment firm led by industry veteran Robert E. Hart and The Guardian Life Insurance Company of America, today announces the $55 million acquisition of Denver’s Tamarac Village Apartments and the $27 million acquisition of Seattle’s Westhaven Apartments, bringing the firm closer to reaching its goal of building a $1 billion real estate investment portfolio by 2015. TruAmerica, which launched in July 2013, has shown tremendous growth in its first nine months, purchasing six multifamily properties in prime locations throughout Northern and Southern California, Denver and Seattle, bringing its multi-state management portfolio to nearly 10,000 units. The Tamarac Village transaction was completed in partnership with DVO Real Estate and RCG Longview; and the Westhaven transaction was in partnership with Intercontinental Real Estate Corporation.
“In 2014, TruAmerica will continue to build on the momentum that we established in our initial months by targeting high-growth metropolitan regions throughout the Western United States,” said Robert E. Hart, President, CEO and Founder of TruAmerica Multifamily. “Today’s acquisitions of Tamarac Village Apartments and Westhaven Apartments serve as a prime example of our investment strategy to target high-quality, value-add workforce housing assets. From millennials to baby-boomers, there is a paradigm shift in America’s urban areas toward increased multifamily living as a wide range of demographics actively seek apartment living as an alternative to single-family homes. We are building a cross-section of multifamily properties in the value-add space over the next two-and-a-half years to capitalize on this change.”
TruAmerica has completed six acquisitions since its launch in July 2013, for a total portfolio value of more than $293 million:
- 221-unit Piazza D’Oro townhome complex in Oceanside, Calif. for $81 million (October 2013)
- 168-unit Avenel Apartments in San Jose, Calif. for $38 million (October 2013)
- 170-unit The Vineyards townhome complex in Gilroy, Calif. for $38 million (December 2013)
- 309-unit Arcadia Luxury Townhomes in Federal Way, Wash. for $54 million (December 2013)
- 190-unit Westhaven Apartments in Seattle, Wash. for $27 million (March 2014)
- 564-unit Tamarac Village in Denver, Colo. for $55 million (March 2014)
About TruAmerica Multifamily
TruAmerica Multifamily, a joint venture with The Guardian Life Insurance Company of America, focuses on acquiring, managing and rehabilitating Class B or better multifamily housing on the West Coast of the United States. Led by industry veteran Robert E. Hart, the LosAngeles based investment firm aims to build a portfolio of $1 billion in assets by 2015 and invest $300 million into those acquisitions, positioning the company as a rising industry leader in multifamily housing. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (818) 290-5770.
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America (Guardian) and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than eight million employees and their families at over 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.