TruAmerica intends to reposition Vue at 3600 through renovation and management improvements. The property is ideally located in the Hilltop Mall area of Richmond, one of the strongest rental submarkets of the San Francisco East Bay. Situated near Interstate 80, residents at the property benefit from quick freeway access and a short commute to the largest employment centers in the East Bay.
The acquisition price translates to one of the lowest price-per-unit and price-per-square foot multifamily acquisition opportunities in recent years in the Bay Area. In addition, the property benefits from a significant property tax abatement.
Vue at 3600, located in the highly-desirable East Bay submarket, benefits from strong year-over-year rent growth. Minutes away from San Francisco, this prime location in Richmond, CA is in close proximity to great dining, recreation, and shopping.
- Heated swimming pool
- Two spas
- Community clubhouse
- Fitness center with classes
- Business center
- Walk to major shopping and transit
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.
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.
- Bocce ball court
- Community garden
- Controlled access
- Demonstration kitchen
- Dog park with dog washing stations
- Two, separate resort-style pools
- Wi-Fi lounge with coffee bar
- Yoga room
- Poolside barbecue and outdoor entertaining areas
- Fitness center
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.
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.
- Resort Style Pool and Spa
- Fitness Center
- Dog Park
- Rooftop Lounge and Kitchen
- Business Center
- Bike Maintenance Center
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.
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.
- Fitness Center
- Resident Wi-Fi Lounge
- Courtyard Terrace with Fire Pit
- Dog Park
- Package Lockers
- Controlled Access
The Highlands Grand Terrace
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.
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.
- 4 Swimming Pools and Spas
- 24 Hour Fitness Center
- Fire Pits
- Children’s Playground
- Screening Room
- Electric Vehicle Stations
- Private Garages and Carports
Citron House represents TruAmerica’s second investment overall in Orange County and second investment in 2018. Citron House is located in one of the most highly desirable coastal cities in Orange County, Huntington Beach. Widely recognized around the country as “Surf City USA”, Huntington Beach offers quintessential beach living at its finest and exemplifies the coastal Southern California lifestyle. Huntington Beach boasts strong apartment fundamentals and demographics. The average vacancy rate through 2021 is projected to be 3.05% and the average household income is over $100,000.
Citron House benefits from a desirable location due to its close proximity to a major retail center and accessibility. The property represents a proven value-add opportunity as the seller has performed light to moderate scopes of renovation to date. TruAmerica has transacted with the seller before as TruAmerica purchased a portfolio of six-properties totaling 1,402 units in greater Baltimore from the seller in 4Q 2016.
Citron House is a 264-unit property built in 1970. The property features an attractive unit mix of one-bedroom (67%) and two-bedroom (33%) floorplans within a highly ranked school district. All of the units have washer/dryer, private balcony or patio, air conditioning, heating, ceiling fans, and walk-in closets. The property also features community amenities that include a pool, spa, fitness center, dog park, barbeque grills, 24-hour package lockers, and carports.
Huntington Beach is one of the largest cities in Orange County and located 35 miles south of Los Angeles and 90 miles north of San Diego. Citron House enjoys an excellent location as it is situated off of Beach Boulevard, one of the main arterials of Huntington Beach. The 800,000 square foot Bella Terra outdoor mall is within two miles of the property. This outdoor mall is anchored by Costco, Whole Foods, Target, REI, and Barnes & Nobles. In addition, Interstate 405 is less than two miles from the property providing access to all of Orange County major employment centers within a 30-minute commute.
Approximately 48% of the units have received light upgrades, while 24% of the units have been moderately upgraded. The rest of the units (28%) are considered classic units and have not been renovated by the seller. TruAmerica plans to bring all units to a fully renovated status in order to decrease the wide gap in rents between newer and 1970’s vintage properties in the area. All units will have stainless steel appliances, hardwood flooring in the common areas, stone countertops with under-mount sink, modern cabinets, and kitchen backsplash after TruAmerica completes its interior renovation program. Furthermore, TruAmerica plans to upgrade the community amenities by enhancing the pool and spa area, fitness center, signage, landscaping, lighting, reconfiguring the leasing office, and creating a new outdoor barbeque area.
- Swimming Pool
- Fitness Center
- Dog Park
- Barbeque Grills
- 24-hour Package Lockers
The acquisition of Alterra & Pravada, which was rebranded as The District, brings TruAmerica Multifamily’s San Diego portfolio total to more than 1,600 units with assets in Oceanside, Vista, Escondido and El Cajon. The property represents TruAmerica’s fourth investment in the San Diego MSA and seventh investment in 2018. The District, was purchased from the original developer who has done an excellent job caring for the property.
TruAmerica will undertake a capital improvement program that will consist of a modest refresh of the nearly 10-year-old interiors as units turn, and will upgrade the common area amenities that include The District’s two clubhouses, two pools and pool decks. The exterior renovation program also will include new landscaping and paint to improve the overall curb appeal of the community. As a result of the planned apartment and common area upgrades, the property will be able to leverage its superior location and outperform other comparable communities.
Located in the highly desirable La Mesa submarket of San Diego, the property consists of 527 units (including 80 affordable units) and was built in two phases; Pravada in 2008 and Alterra in 2010. The property features an attractive unit mix comprised 53% of one-bedroom units and 47% of two-bedroom units with well-planned layouts at an average unit size of 911 square feet. The floor plans are spacious and well-designed and apartments include designer features such as 9’ to 11’ ceiling heights, washers/dryers, and fully-equipped electric kitchens, many with breakfast bars and select with islands. The comprehensive amenity package includes: 2 leasing centers, 2 clubhouses, 2 fitness centers, 2 swimming pools, 2 spas, 4 business centers, a yoga room, several outdoor lounge and barbecue areas, 5 water features, outdoor chess tables, on-site transportation and electric car charging stations.
The District is a transit-oriented development built in partnership with San Diego MTS
(Metropolitan Transit System) at the Grossmont Trolley Station. The property is strategically located on a Trolley stop in La Mesa, with excellent freeway access to both Interstate 8 and Highway 125. The community is just minutes from some of San Diego’s top employment centers, including San Diego State University, Kearny Mesa, Mission Valley and downtown San Diego. The property is walking distance from numerous retail and office centers. Grossmont Center, a regional mall containing 1.1 million SF of retail shops and restaurants, is just ¼ mile from the property and includes anchor tenants Target, WalMart and Macy’s.
In 2012, The League of California Cities recognized the former Alterra & Pravada for combining many of the current smart growth points, utilizing existing infrastructure, promoting transit and providing measures for sustainability with close proximity to jobs and entertainment.
- “Best of Class” LEED Gold Standards
- 9 or 11 Foot Ceilings
- High-Efficiency Heating/Air Conditioning System
- Lighted Ceiling Fans in Living and Master Bedroom
- Full-Size Side by Side or Stacked GE Washer/Dryer in Unit
- Fully Equipped Kitchens with GE Appliances: Electric Range, Refrigerator
- with Ice Maker, Microwave, and Dishwasher
- Breakfast Bar or Kitchen Island on Selected Units
- Pantry with Adjustable Shelves
- Dual-Pane, Low-E Windows to Reduce Noise and Maximize Natural Light
- Easily Accessible Outdoor Storage on Selected Units
- Oversized Walk-In Closets on Selected Units
- Private Patio or Balcony on Selected Units
- Elegant Oval Roman Tub in Master Bath
- Sensor Lighting in Bathrooms
- Two Relaxing Courtyard Pools and Spas
- Two Resident Clubhouses
- Two Leasing Offices
- Four Business Centers with Workstations and Printer/Copy/Fax
- Two Fitness Centers with Plasma TVs
- Two Outdoor Fireplace Lounges
- Picnic and Barbecue Areas
- Controlled Access Entries
- Controlled Access Parking Garage
- Elevator Served (8 Total)
- Three Electric Car Charging Stations
- Outdoor Fountains
- On-Site Trolley and Bus Access at Grossmont Station
- Walking Distance to Retail and Employment
Corte Bella represents TruAmerica’s third investment overall in Orange County and ninth investment overall in 2018. The property is located in one of Orange County’s most dynamic submarkets. Fountain Valley is a highly desirable submarket due its strong demographics and apartment fundamentals. The average household income is $112,000 and the median home value is $800,000. Home sales within a half mile of the Property have ranged from $846k to $1.5M in the past year. The Fountain Valley/Huntington Beach submarket 5-year average vacancy rate is projected to be 3.90%, which is 56 bps lower than Orange County’s average (4.46%), 76 bps lower than the West’s average (4.66%), and 132 bps lower than the U.S.’s average (5.22%).
Corte Bella presents a compelling opportunity as the seller performed a light renovation program more than a decade ago. Furthermore, the Fountain Valley/Huntington Beach submarket has a severe shortage of modern housing. Approximately 67% of the units in this submarket were constructed prior to 1980. The last market rate multifamily community with 100 or more units was built in 1987 and only 3,700 units have been built within the past 40 years. There is virtually no apartment development in the Fountain Valley/Huntington Beach submarket pipeline for the foreseeable future.
TruAmerica plans to bring all apartments to a fully renovated status in order to close the wide rental gap between apartments built prior to 1980 and after 2010 in the Fountain Valley/Huntington Beach submarket.
Corte Bella is a 251-unit garden-style multifamily community built in 1969. The property features a unit mix comprised of one-bedroom units (60%) and two-bedroom units (40%) with floorplans at an average unit size of 848 square feet. All of the units have private patios or balconies, heat/air conditioning, ceiling fans in the dining rooms, oversized windows, and microwaves, while select units have vaulted ceilings with sunlight windows. Every unit comes with a private detached garage, a rare and attractive amenity not found at any other asset in the immediate submarket. Corte Bella also features a broad array of community amenities which includes seven swimming pools, a fitness center, a dog park, outdoor fireplaces, barbeque grills, picnic tables, and nine laundry facilities.
Corte Bella enjoys an outstanding location as it is adjacent to Interstate 405, which allows residents to reach almost 200,000 jobs and major retail centers in Orange County, such as Bella Terra, Pacific City, South Coast Plaza, and the Irvine Spectrum, within twenty minutes. The property is part of an excellent school district as the elementary, middle, and high school were all rated a 10 out of 10 per Great Schools. Plavan Elementary ranked better than 91.8% of all elementary schools in California, while Fulton Middle School is a California Ribbon School. Fountain Valley High School is across the street from Corte Bella and has earned silver distinction per U.S. News and World Report.
Corte Bella represents a strong value-add opportunity as the seller upgraded all units with laminate countertops, white appliances, vinyl-roll flooring in the wet areas, and espresso cabinets in 2007. TruAmerica’s interior renovation program will implement new faux stainless steel appliances, lowered quartz countertops with undermount sinks, vinyl plank flooring in the common areas, carpet in the bedrooms, cabinet fronts and hardware, blinds, and lighting and plumbing fixtures in all apartments. In addition, TruAmerica will install washer/dryer connections and appliances in all apartments. TruAmerica will also upgrade the community amenities and exteriors by enhancing the pool areas, leasing office, fitness center, landscaping, signage, paint, and curing deferred maintenance items.
The property is located about 2.4 miles east of Pacific Shores, the 264-unit property TruAmerica recently acquired in 1Q 2018. Pacific Shores is located in Huntington Beach, CA and of similar vintage (1970) to Corte Bella. Corte Bella provides an opportunity to achieve synergy through economies of scale with Pacific Shores due its close proximity and by utilizing the same third-party property manager (Greystar).
- 7 Pools
- Fitness Center
- Leasing Office
- Outdoor Barbecues Grills
- Picnic Tables
- Outdoor Fireplaces
- 9 Laundry Facilities
Presidio at Rancho del Oro
TruAmerica Multifamily expanded its portfolio in Southern California with the acquisition of Presidio at Rancho del Oro in Oceanside, CA. The acquisition of Presidio at Rancho del Oro was TruAmerica’s 16th acquisition of 2019 and is its third property in San Diego County. TruAmerica plans to bring all apartment homes to a consistent, high-quality spec by renovating the 245 classic and partially renovated unit interiors. In addition to the interior capital improvement plan, TruAmerica will enhance the overall image and curb appeal of the property by making targeted improvements to the community exterior and common area amenities. Among these improvements will be painting the exterior of the buildings, upgrades to landscaping and pool areas, and the addition of package lockers and a dog wash.
Presidio at Rancho del Oro is a unique garden-style community situated in Oceanside, CA. The Property was built in 1987 and consists of 245 apartment homes on just under 27 Acres of land, representing a very low 7.17 unit per acre density. The Property features an attractive unit mix comprised of 42% one-bedroom apartments, 50% two-bedroom apartments, and 8% three-bedroom apartments with floor plans at an average unit size of 923 square feet. All of the homes feature in-unit washer and dryers, and private patios or balconies with additional storage. The community also features impressive amenities, including a junior Olympic swimming pool with two spas, theatre and games room, tennis and basketball courts, soccer field, two dog parks, a strength and cardio fitness center, and fully-equipped clubhouse with a bar and leasing office.
The Property is conveniently located less than a mile from Highway 76, providing residents with access to the main education and employment hubs in North County San Diego. The Property is within 15 minutes of all of Oceanside’s largest public and private employers, including Coca-Cola, Camp Pendleton, Gilead Sciences Inc., and Genentech Pharmaceuticals. Additionally, Presidio at Rancho del Oro is located within walking distance of Old Grove Marketplace shopping center, which is anchored by Lowe’s and Ralph’s, and is in close proximity to The Town Center North and Mission Marketplace, which contain a Walmart Supercenter and CVS Pharmacy, Sprouts, Target, Big Lots, Ross, Dress for Less, McDonald’s, Chipotle, and Pet Smart.
- Junior Olympic swimming pool with cabanas
- Two spas
- Clubhouse with leasing office and bar
- Fitness center
- Package facilities
- Tennis court
- Basketball court
- Soccer field
- BBQ and picnic areas
- Air Conditioning
- Private Balcony/Patio with Additional Storage
- Ceiling Fans
- Fully-equipped kitchens
- Stainless Steel Appliances*
- Wood-Style Flooring*
- Walk-in Closets*
*In select units