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

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