Sherwood Crossing

Investment Highlights

Sherwood Crossing is a large institutional quality property built in 1988.  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.  Sherwood Crossing represents a true and proven value-add opportunity as the previous owner has renovated approximately 46% 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.

Property Highlights

A 634-unit property that enjoys excellent connectivity to the entire Washington, DC and Baltimore region as it is located along I-95.  The Property’s location is central to the Baltimore/Washington, DC Corridor which allows residents convenient access to not only the major employment centers of Baltimore and Washington, DC, but also to major employers located in the immediate area who employ nearly 95,000 individuals.  Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, and backsplash.

Amenities

Southfield

Investment Highlights

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.

Property Highlights

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.

Amenities

Bayshore Landing

Investment Highlights

Bayshore Landing is an institutional quality asset built in 1984 located in the strong Annapolis, MD submarket.  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.  The primary business plan for Bayshore Landing is to increase rents by improving the property’s unit interiors and making strategic, accretive common-area amenity upgrades. The Seller recently put in place a modest interior renovation program in which TruAmerica intends to complete, whilst instituting strategic updates to previously renovated units. TruAmerica plans to continue the full interior upgrades, and update previously renovated units to include vinyl flooring throughout, artisan backsplashes and improved blinds and make strategic, accretive common area and amenity upgrades.

Property Highlights

Bayshore Landing is a 158-unit property ideally situated along Spa Road, a main arterial in the Annapolis submarket.  The property is two and a half miles from I-50, which connects Annapolis to Washington, DC thirty miles west. As the State Capital of Maryland and the county seat of Anne Arundel County, Annapolis enjoys a rich history and provides a wide array of employment opportunities in the government, office, defense technology, and educational sectors. Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, fireplaces, and backsplash.

Amenities

Waterbend Apartments

Investment Highlights

Waterbend is a Class A property built in 2016 and located in the Bayview neighborhood of San Francisco, one of the most sought after and best performing residential markets in the country.  The property was acquired on a pre-stabilized and off-market basis.  Waterbend was purchased at a significant discount to its replacement costs and comparable sales.  San Francisco has been experiencing strong multifamily fundamentals for the past decade.  Average monthly rents have increased 79% since 2005, while vacancy has been extremely low at 3.8%.  Furthermore, the population has increased by 45,000 residents and only 7,500 total new units have been delivered in the past five years.  New construction in the area has leased-up quickly, with properties stabilizing in as little as four months, thus demonstrating the exceptional demand for quality rental product.  The property is also mapped for condo conversion, adding further flexibility to a potential future buyer.

Property Highlights

A 136-unit, newly constructed property located in the up-and-coming Bayview neighborhood of San Francisco.  Bayview is just south of the excellent Dogpatch and Mission Bay submarkets, which have transformed and gentrified to a remarkable degree in the past several years.  The property is highly accessible as it enjoys doorstop access to the Muni KT line, one mile from a Caltrain station, and a half-mile away from US 101.  Unit amenities include hard surface plank and stone flooring throughout, GE appliances, in-home washer/dryer, quartz countertops, and spacious closets.

Amenities

The Highlands Grand Terrace

Investment Highlights

The Highlands was built in two phases and was well constructed with features that were uncommon at the time, including full-size washer/dryers in select homes, private garages, and a full range of modern community amenities. The property’s aesthetic appeal and lack of functional obsolescence makes it an ideal candidate for a value-add interior renovation program. With previous ownership showing a proven value-add opportunity by achieving renovation premiums for a select number of units, TruAmerica plans to capture those premiums on the remaining  267 units that are un-renovated, investing over $5M in order to complete the program. This thoughtful renovation will produce returns that are not easily found in the current economic environment, and it will capture a market which is still in the early stages of recovery.

Property Highlights

The Highlands is a low density, garden-style apartment community located in the city of Grand Terrace, CA. Nestled on a plateau above the I-215, the community offers access to employment centers throughout the booming Inland Empire region, including the nearby cities of Riverside and Loma Linda. This property is less than 4 miles away from Loma Linda University Medical Center, which after undergoing its $1.2B expansion program will add approximately 700 jobs, making it the second largest medical center in California and the highest-ranked hospital in the Inland Empire region.

Amenities

Lakeside Mill

Investment Highlights

Lakeside Mill is an institutional quality asset that was acquired as part of a 6-property portfolio. By implementing a targeted renovation program that will total nearly $3M, interior renovations as well as accretive common area and amenity upgrades will be completed. Although the previous owner has completed varying scopes of interior renovations in select units, this new program will allow TruAmerica to achieve significant renovation premiums on the units that have not been updated. Given the submarket’s strong demographic profile, this is a property that provides tremendous opportunity to further complete a thoughtful renovation plan.

Property Highlights

Lakeside Mill is located in the submarket of Owings Mills of Baltimore County, MD. Within a walkable distance to the 32-acre T. Rowe Price campus, as well as CareFirst BlueCross BlueShield, Lakeside Mill is positioned to attract the 4,200 employees on that office campus. Owings Mills is going through an incredible urbanization, with over $1B of private capital being invested into the transit-oriented area. The investments include a new 50-acre mixed use development by Greenberg Gibbons that is set to come online in the near future, as well as a diverse, live-work-play development by David S Brown Enterprises, planned to deliver 1.2 million SF of office space, 300,000 SF of retail space, 120,000 SF of educational facilities, and 250 hotel keys. Our community will be in prime position to capitalize on this markets transformation.

Amenities

Magnolia Ridge

Investment Highlights

Magnolia Ridge represents TruAmerica’s sixth acquisition in the Denver market and first acquisition of 2017. Magnolia Ridge is an institutional-quality asset that was purchased on an off-market basis and at a significant discount to replacement cost. Magnolia Ridge represents a true value-add opportunity as most of the units are in the original state and have not undergone a renovation program to date. TruAmerica plans to upgrade all interior units with new appliances, counter tops, vinyl flooring in the common areas, and lighting and plumbing fixtures in order to achieve an attractive return on cost. Furthermore, TruAmerica plans to renovate the community amenities and exteriors by upgrading the pool furniture, fitness center equipment, landscaping, signage, lighting, and paint in order to enhance the curb appeal of the property.

Property Highlights

Magnolia Ridge is a 287-unit property located in the preferred Thornton/Northglenn submarket that was built in two phases. 61% of the units were built in 1984, while 39% of the units were built in 1999. Approximately 24% of the units have lofts, adding an attractive unit amenity not found at any other asset in the immediate submarket. All of the units feature full-size washers/dryers, central heat/air conditioning, and walk-in closets, while select units have vaulted ceilings, wood burning fireplaces, and lofts.

Magnolia Ridge is situated in an outstanding location as it is 15 miles north of downtown Denver and eight miles east of Broomfield. The property is in close proximity to Denver’s major employment and retail centers. Magnolia Ridge is approximately one mile from a future light rail station (Eastlake Station) that is expected to be completed in 2018 and provide easy access to downtown Denver, Denver International Airport, and other major attractions. The property is next door to a retail plaza anchored by Walgreens and Kohl’s. In addition, Magnolia Ridge is part of the highly acclaimed Adams County School District 12.

Amenities

Ashley Lake Park

Investment Highlights

Ashley Lake Park is TruAmerica’s fifth acquisition of 2017.  The transaction represents TruAmerica’s third investment in Florida and first investment in the Southeast Florida market.  Ashley Lake Park is a well-located institutional quality asset built in 1987 and features concrete block construction.  TruAmerica acquired the asset at a significant discount to replacement cost from an owner that TruAmerica has transacted with in the past.  Prior ownership completed targeted improvements to common areas and amenity spaces and modest interior upgrades in select apartment homes, leaving all unit interiors in need of further upgrades with the potential to achieve strong renovation premiums.

Property Highlights

Ashley Lake Park is a 300-unit property located in Boynton Beach, FL.  The Property features an attractive unit mix of one, two, and three-bedroom homes with spacious floor plans averaging 890 square feet.  The apartment homes surround a small lake, and the low-density setting provides residents with ample outdoor amenity spaces.  All of the apartments feature full-size washers and dryers, central heat and air conditioning, walk-in closets, and balconies or patios.  Select units feature vaulted ceilings and lake views.

Ashley Lake Park benefits from an outstanding location as it is 15 miles south of West Palm Beach and 10 miles north of Boca Raton, both of which are major employment centers.  Additionally, the Property has strong highway access as it is less than four miles from both I-95 and the Florida Turnpike, allowing residents to access major employment and lifestyle corridors throughout southeast Florida.  Retail centers including Publix, Walmart, and the Boynton Beach Mall (Dillard’s, Macy’s and JCPenny) are all within a 10-minute drive of the Property and Oceanfront Park, one of South Florida’s most attractive beaches, is just five miles to the east.

Amenities

Central Park

Investment Highlights

Central Park represents TruAmerica’s first acquisition of 2018 and fourth investment in the Orlando MSA.  Orlando has lead the nation in employment growth over the past several years, and the strong performance is expected to continue in 2018.  Central Park benefits from a prime location within Altamonte Springs.  The Property is surrounded by desirable retail offerings and assigned to A-rated Seminole County schools.  The asset has been well maintained by prior institutional ownership, but only a limited number of interior renovations have been completed to date.  Implementing interior renovations and targeted exterior and common area improvements will provide an opportunity for strong rent growth.

Property Highlights

Central Park is a 362-unit property located in Altamonte Springs, FL within the Orlando MSA.  The Property was built in two phases, with Phase I delivering in 1992 and Phase II completing in 2000.  The asset features an attractive unit mix of one, two, and three-bedroom homes with spacious floorplans averaging 877 square feet.  All of the homes feature full-size washers and dryers, central air conditioning, ceiling fans, and spacious walk-in closets, while select units feature 9’ ceilings.

Central Park benefits from a prime, walkable location within Altamonte Springs.  The Property is directly adjacent to the Altamonte Mall, a 1.2- million SF upscale regional mall anchored by Macy’s and Dillards and featuring an Apple Store and an AMC theater. The Uptown Altamonte mixed-use area and the Renaissance Centre retail cluster are also located within walking distance and feature a Whole Foods, Starbucks Coffee, and Publix Supermarket.  Demand for Central Park is driven by access to top employment hubs including the Maitland Center office park, with over 7 million square feet of space and home to major employers including Digital Risk, EA-Tiburon, Charles Schwab ADP, FedEx, CNA, and Fidelity.  The Lake Mary/Heathrow office parks are located 6.1 miles north of the Property and feature white-collar employers such as Verizon, AAA, Spring, Mitsubishi-Hitachi, and JP Morgan Chase.  For commuters, Central Park provides convenient transit and highway access to the Altamonte SunRail station and Interstate-4 less than 1-mile away.  Central Park provides exceptional access to leisure and outdoor activities in the Altamonte Springs area, including Cranes Roost Park, a 45-acre waterfront park, and the RDV Sportsplex, a $60 million 365,000 SF sports and recreation facility.

Amenities

Tuskawilla at Winter Springs

Investment Highlights

Tuskawilla at Winter Springs represents TruAmerica’s seventh acquisition in the state of Florida and fifth investment in the Orlando MSA. Orlando has lead the nation in employment growth over the past several years, and the strong performance is expected to continue in 2018.  Tuskawilla at Winter Springs benefits from a prime location within Seminole County, with desirable retail offerings in the immediate area and access to A-rated public schools. Only a limited number of interior renovations were completed under the prior ownership. Implementing interior renovations and targeted exterior and common area improvements will provide an opportunity for strong rent growth.

Property Highlights

Tuskawilla at Winter Springs is a 368-unit property located in Winter Springs, FL within the Orlando MSA.  The Property was built in two phases, with Phase I delivering in 1987 and Phase II completing in 1999.  The asset features an attractive unit mix of one, two, and three-bedroom homes with spacious floorplans averaging 979 square feet. All of the homes feature full-size washers and dryers, central air conditioning, and spacious walk-in closets, while select units feature patios, fireplaces, and/or solariums.

Tuskawilla at Winter Springs benefits from a prime location within Seminole County, conveniently situated near desirable retail and employment centers. The Property is located directly south of Willa Springs Village, a Publix-anchored shopping center with an attractive lineup of fast-casual restaurants and necessity retailers including Chipotle Mexican Grill, Starbucks, Panera Bread, and Chase Bank. Across the street is a second grocery-anchored center featuring the Fresh Market, while Target and Lowe’s are located three miles east of the Property at Oviedo Park Crossing. Demand for Tuskawilla at Winter Springs is driven by access to top employment centers located nearby. The Central Florida Research Park is just 15 minutes away and is home to Lockheed Martin, Boeing, Apple, Raytheon, Northrop Grumman, and Siemens. The Winter Park office market with 32,000 employees is located just 10 minutes southwest of the Property. Nearby universities include Rollins College, Full Sail University, and the University of Central Florida, the second largest university in the country with a student population approaching 65,000. With nearby single-family home prices north of $350,000, the 2- and 3-bedroom floorplans at Tuskawilla at Winter Springs provide a cost-effective alternative for families looking to benefit from the highly-rated Seminole County public schools.

Amenities