Brackett

Investment Highlights

Brackett fits TruAmerica’s underwritten value-add strategy, as the unit interiors were never renovated by the Seller, the current leasing center is oddly configured and in need of modernization, and an obsolete and vacant daycare center lies within the community. Approximately $900,000 will be spent to transform the daycare building into a state-of-the-art community activities center, which will include a new fitness center, resident lounge, media room and game room. The quality construction of Brackett and its favorable floor plans give the property “great bones”; however, the value-add potential can only be realized with invigorated property management and a strategic, intensive capital improvements program. TruAmerica believes rent premiums are achievable by executing the aforementioned business points and stronger property management will serve as another major source of revenue.

Property Highlights

Brackett is conveniently located in close proximity to I-5 and highway 99 giving residents easy access to connect to Seattle, Everett, and the east side. Spacious one-, two-, and three-bedroom homes feature bright fully-equipped kitchens, oversized closets, a wood burning fireplace, and washer/dryer.

Amenities

Alderwood Park

Investment Highlights

Alderwood Park was acquired as part of a 14-property multi-state portfolio. The property is located in the desirable Alderwood neighborhood within the Lynnwood submarket, and is within walking distance to the Alderwood Mall, a destination shopping center in the Seattle MSA, and a new 330,000 SF shopping center anchored by Costco that will be completed in 2016. Residents enjoy easy commutability as the property is near the pivot point of the I-5 and I-405. TruAmerica will elevate the status of this community and position it amongst the better rental options in the City by spending $3 million in various interior and exterior renovations.

The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.

Property Highlights

A welcoming community providing comfort and convenience at unprecedented value. A perfect suburban retreat just minutes away from Alderwood Mall, dining, shopping, and movie theaters.

Amenities

Windsor

Investment Highlights

Windsor was acquired as part of a multi-state portfolio and is located in the strong Seattle suburb of Renton. The submarket’s rent growth, occupancy rates, and employment figures have been trending upwards for quite some time and the property stands to directly benefit from the strength of the local economy, as from the well from the macro-tailwinds supporting the broader Seattle MSA.

TruAmerica intends to maximize returns on this investment by implementing a moderate renovation program to unit interiors and common area amenities. The Company owns over 900 units in the City of Renton and is experienced in the submarket.

The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.

Property Highlights

A welcoming community that provides comfort and convenience at an unprecedented value. With graceful style, The Windsor homes exemplify unique details and thoughtful touches rarely found in an apartment community with a perfect suburban location. Just minutes away from fine dining, shopping, and entertainment.

Amenities

Ridgegate

Investment Highlights

Ridgegate was acquired as part of a 14-property multi-state portfolio. Located along the ridge of the east hill of Kent, the property is only a few miles south of the Boeing Renton Plant, where the 737 production facility is ramping up production from 42 planes per month to 52 by 2018. The property is also a quick drive away from the new Kent Station lifestyle and entertainment center, the Sounder Train, and the I-405. TruAmerica will elevate the status of this community and position it amongst the better rental options in the City by spending $3 million in various interior and exterior renovations.

The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.

Property Highlights

Ridgegate is located just 2 miles from Route 167 and 5 miles from I-5 in the East Hill area of Kent, WA. Close to several of the area’s popular parks and major employers, residents are never far away from the action.

Amenities

The Commons

Investment Highlights

The Commons was acquired as part of a multi-state portfolio and is located in Federal Way, WA. The property is located 1 mile west of Pacific Highway (99) and 1.5 miles west of the 5 Freeway, providing easy access to Seattle CBD (25 miles north) and downtown Tacoma (8 miles southwest). Federal Way provides an easy commute to major business centers and more affordable rents than found in Seattle CBD. The average household income within a 3 mile radius is more than $73,000, with an expected population growth of 5.2% by 2020. With a focused interior and common area renovation program and improved property management, solid rental premiums and NOI growth is achievable.

The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.

Property Highlights

The Commons at Federal Way Apartments is situated in the prestigious Washington community.  Spectacular wooded and private views, onsite management and 24 hour maintenance are only a few of the many amenities at The Commons at Federal Way. Bordering Panther Lake Park, the community is just minutes from Celebration Park, St. Francis Community Hospital & convenient to shopping.

Amenities

Constellation

Investment Highlights

Constellation was acquired as part of a multi-state portfolio and is located in the strong Seattle suburb of Renton. The submarket’s rent growth, occupancy rates, and employment figures have been trending upwards for quite some time and the property stands to directly benefit from the strength of the local economy, as from the well from the macro-tailwinds supporting the broader Seattle MSA. TruAmerica intends to maximize returns on this investment by implementing a moderate renovation program to unit interiors and common area amenities. The Company owns over 900 units in the City of Renton and is experienced in the submarket.

The blended acquisition cap rate of the portfolio was far higher than those of market comparable sales.

Property Highlights

Constellation Apartment Homes are situated in the prestigious Renton area and feature spacious one and two bedroom floor plans, each outfitted with a cozy fireplace. Secluded and peaceful, Constellation Apartment Homes offers a private setting, yet provides easy access to I-5, 405, Hwy 167, Westfield Southcenter Shopping Center, Valley Medical Hospital, The Landing, Boeing and Gene Coulon Park. Live in the perfect location with convenient access to restaurants, shopping, and entertainment.

Amenities

Veranda Highpointe

Investment Highlights

Veranda Highpointe is a Class-A+ luxury apartment community that resembles an urban resort, with unique community amenities including a lazy river, and best-in-class interior finishes. This stunning property is ideally located at the geographic center of Denver’s two major employment centers – Downtown Denver and the Denver Tech Center.

The investment demonstrates TruAmerica’s positive view on the strength of the Denver economy and the various renter-centric demographic factors supporting rental product. Veranda Highpointe is a long-term cash flow investment.

Property Highlights

Veranda is an entirely brand new living concept. A collection of residences with curated amenities, mountain views, signature styling and a resort-style setting. Cutting edge amenities, meticulously-groomed grounds, and a dedicated staff contributes to a higher standard of living. Convenient shopping, award-winning schools, local museums, and parks are all close at hand.

Amenities

Motif

Investment Highlights

Motif is a Class-A+ luxury apartment community located in Warner Center, CA. The LEED-Gold certified property is an excellent investment in a premier urban in-fill market with a new specific plan creating higher barriers to entry for multifamily projects. The property is also centrally located in the heart of the San Fernando Valley, one of the largest economies in California and home to media giants such as NBC, Disney, Warner Brothers, Paramount, Time Warner and Viacom. With over 50,000 jobs and a 2.7 million SF Westfield Mall a short drive away, Motif is ideally situated to appeal to the dynamic population of the neighborhood. The incredible lease-up velocity experienced by Motif, with an average of nearly 50 leases signed per month, demonstrates its desirability within the community. Motif is a long-term cash flow investment.

Property Highlights

Motif raises the bar on urban apartment living in Southern California. Combining best in class amenities with smart home technology and green living features in the vibrant Warner Center district, these new Woodland Hills luxury apartments create the perfect live-work-play environment.

Amenities

Montego Bay

Investment Highlights

Montego Bay residents enjoy direct access to major transportation corridors including Interstate-215 and Interstate-515 which are readily accessible from Russell Ave. just north of the Property. Just one exit down the I-215 is the $1.2B Union Village which will be one of the nation’s first integrated health villages. This mixed-use development will be anchored by a 214-bed Valley hospital and senior retirement community. The 228-acre lot is located at I-215 and Galleria Drive and is expected to generate 17,000 jobs. Construction on the project broke ground in October 2014 and is expected to take four to eight years to complete.

The primary business plan for Montego Bay is to renovate the property’s unit interiors and make strategic, accretive common-area amenity upgrades. The interior rehab scope will be moderate while exterior improvements will include renovations to the clubhouse, fitness center, pool areas, exterior fencing and the creation of a secondary dog park.  Additional aesthetic improvements will include a comprehensive exterior repaint, quality landscaping, and an attractive signage package.

Property Highlights

A 420-unit property situated in the coveted Southeast submarket of the Las Vegas MSA.  Montego Bay is a low density, garden-style community (18 units per acre) with an excellent parking ratio (1.90 parking spaces per unit).  Montego Bay residents enjoy direct access to major transportation corridors including I-215 and I-515 which are readily accessible from Russell Avenue, just north of the property.  Just one exit down the I-215 is the $1.2B Union Village which will be one of the nation’s first integrated health villages.  This mixed-use development will be anchored by a 214-bed valley hospital and senior retirement community.  This 228-acre lot is located at I-215 and Galleria Drive and is expected to generate 17,000 jobs.  Construction on the project broke ground in October 2014 and is expected to take four to eight years to complete.  Unit amenities include in-home washer/dryer, vinyl flooring, stylish glass block windows, ceiling fans, private patio/balcony, walk-in closet, mirrored wardrobe doors, and fireplace.

Amenities

Skye at Laguna Niguel

Investment Highlights

Skye at Laguna Niguel is a Class A property in Laguna Niguel, CA and TruAmerica’s first investment in South Orange County.  The property was completed in February 2016 and acquired on a pre-stabilized and off-market basis.  Skye at Laguna Niguel was purchased at a significant discount to its appraised value as the stabilized cap rate was far below pricing for stabilized core assets in similar coastal locations.  Core multifamily properties in coastal Southern California consistently trade in the high-3 to low-4 cap rates.  This investment represents a rare opportunity as core product in Orange County are owned by a few select owners and seldom available for sale.  The last sale of a core product in this market occurred in Q4 2013 in Irvine, CA, which traded at a 4.0% cap rate.  In addition, the City of Laguna Niguel is a severely underserved submarket for multifamily housing as the current average apartment occupancy is 97%, thus demonstrating demand for new product.

Property Highlights

A 142-unit, newly constructed property situated along SR 73 and highly visible to the 100,000+ commuters that pass the property on a daily basis.  The property also benefits from strong drive by along Cabot Road where the entrance is located.  Skye at Laguna Niguel is located less than a half-mile to both I-5 and SR 73.  In addition, the Laguna Niguel Metrolink Station is approximately a half-mile from the property.  The property is within a 20-minute drive to South Orange County’s major office parks, retail and entertainment centers, and transportation hubs.  Unit amenities include plank flooring throughout, stainless steel appliances, in-home washer/dryer, floor-to-ceiling windows, private patios or balconies, and track lighting.

Amenities