Westmont Commons

Westmont Commons is a 252-unit multifamily community in Asheville, NC that TruAmerica purchased off-market for $49,875,000 in partnership with Spoke Real Estate Capital. TruAmerica plans to execute a value-add asset improvement campaign to reposition the property, which was built in two phases in 2003 and 2008. All 252 homes are slated to be upgraded with modern finishes and installation of washer and dry appliances. TruAmerica will also complete exterior and amenity work at the property, including enhancements such as landscaping upgrades, reconstructing and upgrading the pool deck, converting the laundry room to a pet spa, renovating the clubhouse, and expanding the fitness center.

Westmont Commons delivers a mix of features and amenities for residents across a range of one- to three-bedroom floor plans. Units include hardwood-style flooring, spacious kitchens with black or white appliance packages, ceiling fans, washer and dryer hookups and private patios or balconies. The property has a community clubhouse with kitchen and game room, outdoor pool with expansive sundeck, off-leash dog park, 24/7 fitness center, picnic area with outdoor grill and offers views of the Blue Ridge Mountains.

The suburban property Is located at 120 Chamberlain Dr. in western Asheville near major employment hubs and retail offerings, including Downtown Asheville, the Whole Foods-anchored Asheville Market, the Walmart-anchored Riverbend Market Place, and the 8,000-acre Biltmore Estate. The property is minutes from Asheville’s renowned outdoor amenities surrounding the Blue Ridge Mountains. Ashville has a vibrant entertainment hub and its downtown area is filled with restaurants, shops, art galleries, museums and gardens.

Greystone, a leading multifamily lender, provided a Freddie Mac Optigo® loan to finance the acquisition, which was originated by Rob Russell and Richard Kourbage.

Bridgeport

Investment Highlights

Bridgeport is one of three properties in the Raleigh Portfolio, which represents both TruAmerica’s first investment in the Raleigh-Durham MSA and the State of North Carolina. Located in Northwest Raleigh, Bridgeport is in one of Raleigh’s best performing and most attractive suburban markets. Northwest Raleigh provides strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh. Furthermore, Bridgeport is zoned to “A-rated” Northwest Raleigh public schools, including Leesville Road Middle and High Schools, amongst the most desirable middle and high schools in the MSA. The asset features a low-density setting (16 homes/acre) and is one of only five communities with frontage on Lake Lynn. Lake Lynn is a 56-acre man-made lake, popular with kayakers and canoers as well as joggers, cyclists, and walkers that take advantage of the 2.8-mile trail encircling the lake.

TruAmerica plans to renovate the remaining classic homes and make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.

Property Highlights

The 276-unit property was built in 1991. All homes include large walk-in closets and balconies or patios, while select homes include washers/dryers and wood burning fireplaces. The property has been well maintained and presents an opportunity to make accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, stone countertops with undermount sink, new cabinet fronts and pulls, tile backsplash, and upgraded plumbing and lighting fixtures.

TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include upgrading the fitness center, repurposing the tennis court to a sports court, and adding new furnishings at the pool. Furthermore, painting the exterior and improving the landscaping will help enhance the overall image and curb appeal of the property.

Community Amenities

Duraleigh Woods

Investment Highlights

Duraleigh Woods is one of three properties in the Raleigh Portfolio, which represents both TruAmerica’s first investment in the Raleigh-Durham MSA and the State of North Carolina. The property benefits from its location within Northwest Raleigh, providing strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh. Duraleigh Woods is located just off Glenwood Avenue, the main thoroughfare that connects Downtown Raleigh and Downtown Durham, as well as provides immediate access to the Raleigh-Durham Airport and the Research Triangle Park. Furthermore, Duraleigh Woods benefits from its proximity to UNC-Rex Hospital, the oldest hospital in the MSA and home to over 6,400 jobs.

TruAmerica plans to renovate the remaining classic homes and make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.

Property Highlights

The 362-unit property was built in 1986. All homes include full-size washers and dryers, walk-in closets, fireplaces, and patios or balconies. The property has been well maintained and has minimal deferred maintenance and exterior repairs, allowing most of the capital to be spent on accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, updated laminate countertops, new cabinet fronts and pulls, tile backsplash, and upgraded plumbing and lighting fixtures. Targeted improvements will also be made to the previously renovated and partially renovated homes.

TruAmerica also plans to make improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include upgrading the fitness center, upgrading the business center, updating the dog park, and adding new furnishings at the pools. Furthermore, improving the landscaping will help enhance the overall image and curb appeal of the Property.

Community Amenities

Sailboat Bay

Investment Highlights

Sailboat Bay is one of three properties in the Raleigh Portfolio, which represents both TruAmerica’s first investment in the Raleigh-Durham MSA and the State of North Carolina. Located in Northwest Raleigh, Sailboat Bay is in one of Raleigh’s best performing and most attractive suburban markets. Northwest Raleigh provides strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh, as well as provides access to some of the highest rated public schools in the MSA. Sailboat Bay, like its’ sister property Bridgeport, is one of only five communities with frontage on Lake Lynn. Lake Lynn is a 56-acre man-made lake, popular with kayakers and canoers as well as joggers, cyclists, and walkers that take advantage of the 2.8-mile trail encircling the lake. Sailboat Bay, with 90% one-bedroom homes, provides a quieter setting for those looking to live on the lake.

TruAmerica plans to renovate the remaining classic homes and make select, accretive upgrades to the partially renovated homes, exteriors, and amenity spaces.

Property Highlights

The 192-unit property was built in 1986. All homes include large walk-in closets while select homes feature built-in bookshelves and washers and dryers. The property has been well maintained and presents an opportunity to make accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl flooring, stone countertops with undermount sink, new cabinet fronts and pulls, and upgraded upgraded plumbing and lighting fixtures.

TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include upgrading the fitness center, updating the dog park, and adding new furnishings at the pool. Furthermore, painting the exterior and improving the landscaping will help enhance the overall image and curb appeal of the Property.

Community Amenities

Concord Apartments

Investment Highlights

Concord Apartments represents TruAmerica’s second investment in the Raleigh-Durham MSA and the State of North Carolina. Located in Northwest Raleigh, the property provides strong connectivity to employment centers in the Research Triangle Park and Downtown Raleigh, while simultaneously providing access to unique leisure and outdoor activities.

Concord Apartments benefits from a highly sought-after suburban location within the Raleigh-Durham MSA. Positioned closely to I-40 and I-440, the property provides residents with unparalleled access to retail and dining locations, and major employment centers. Additionally, Concord Apartments boasts access to a plethora of leisure and outdoor activities, as the property is geographically positioned at the base of William B. Umstead State Park, encompassing 5,600 idyllic acres, including 13 miles of multi-use trails, canoe rentals, bridle and bike trails, fishing at three manmade lakes, and camping. The property is within a 6-minute drive from UNC Rex Healthcare, a 660-bed hospital supporting +6,400 staff members, making it one of Wake County’s largest employers.

Property Highlights

The 228 -unit property was built in 1991 and features one-, two, and three-bedroom floorplans with oversized patios, balconies, or sunrooms, as well as wood-burning fireplaces in select units. Prior ownership completed partial renovations in 175 homes leaving the remaining 53 homes in classic condition. TruAmerica plans to renovate all units at the property to a cohesive scope to include white shaker cabinet fronts, stainless steel appliances, quartz countertops, vinyl flooring, a tile backsplash in the kitchen, and upgraded fixtures and hardware. Additionally, prior ownership completed extensive exterior work and amenity upgrades which TruAmerica plans to complement with additional enhancements to the dog park, pool area and clubhouse.

Community Amenities