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

Townhomes at Mountain View

Investment Highlights

Townhomes at Mountain View represents TruAmerica’s 18th property acquired overall in the state of Washington and 17th property acquired in 2019.  The property is a part of East Pierce County and located along Routes 167 and 410, providing convenient access to major employment and retail centers throughout the Tacoma and Seattle MSAs.  The property is ten miles from downtown Tacoma and 35 miles downtown Seattle.

Axiometrics forecasts East Pierce County to have the highest five-year average rent growth in both the Tacoma and Seattle MSAs.  Rents in the East Pierce County submarket have grown at an average annual rate of approximately 7.1%, while vacancy has averaged a 3.3% over the past five years (Axiometrics).  The East Pierce County submarket is projected to achieve a 3.86% rent growth over the next five years.

Townhomes at Mountain View represents a proven value-add opportunity as the seller has performed two levels of interior renovations.  The seller has partially renovated 189 townhomes (86%) with new stainless-steel appliances, vinyl wood flooring in the common areas, carpet in the bedrooms, hardware, lighting and plumbing fixtures, and blinds.  The seller’s highest level of renovation includes HVAC installation and the aforementioned renovation scope in seven townhomes (3%).

TruAmerica plans to bring all of the townhomes to a fully renovated status by continuing the seller’s renovation program, but also improving it by installing new kitchen and bathroom laminate countertops, cabinet faces and painting the boxes, kitchen backsplash, baseboards, and two-tone paint.  Additionally, TruAmerica is planning to install HVAC in the remaining townhomes, a rare and highly sought-after amenity in the East Pierce County submarket.

Property Highlights

Townhomes at Mountain View is a unique, multisite townhome community located in Puyallup, WA and Sumner, WA.  The property was built in various phases from 1994 to 2005 and spread across three sites (Valley, Main, & Sumner) that are all within a 2.8-mile radius from each other.

There are 88 townhomes at the Valley site, 76 townhomes at the Main site, and 56 townhomes at the Sumner site.  Each site currently has their own leasing office and the Valley site is home to 20 RV garages.  The Valley site was built in 1994, 2004, and 2005, the Main site was built in 2000, and the Sumner site was built in 1997.

The property features two-bedroom (18%) and three-bedroom townhomes (82%) with floorplans at an average size of 1,608 square feet.  All of the townhomes have direct access garage with extended driveways, nine-foot ceilings, washer/dryer, private patio or balcony, gas fireplace, ceiling fan, and walk-in pantry and closet(s).  The property also features multiple playgrounds and picnic areas with barbeque grills.

Major employers within ten miles of the Property include: the Port of Tacoma (29,000 employees), Boeing Auburn Plant (11,000 employees), Multicare Health System (7,400 employees), Boeing Frederickson Plant (1,800 employees), and University of Washington, Tacoma (5,000 students).  Furthermore, the Sea-Tac Airport is 25 miles northwest of the Property and home to 22,000 jobs.  This airport is the primary commercial airport serving the Seattle metropolitan area and the largest airport in the Pacific Northwest region.  Sea-Tac Airport is the primary hub for Alaska Airlines, whose headquarters is near the airport.

The property is also proximate to major retail centers.  The South Hill Mall is five miles north of Townhomes at Mountain View and features more than 100 stores, a food court, and movie theater.  This mall is anchored by JCPenney, Macy’s, Target, and Dick’s Sporting Goods.  The Tacoma Mall is 12 miles west of the Property and the largest shopping center in Tacoma.  This mall consists of Nordstrom, H&M, Apple, Lululemon, Build-A-Bear, Sephora, and more than 150 specialty stores.

The Townhomes at Mountain View sites are served by both the Puyallup School District as well as the Sumner School District.  Of the thirteen school districts that comprise East Pierce County, the Sumner School District is ranked 3rd and the Puyallup.

Community Amenities

1202 Pearl

Investment Highlights

1202 Pearl represents TruAmerica’s 19th investment in the Seattle MSA and 26th acquisition of 2021. The Property is a substantial value-add opportunity as all 330 of the apartment homes remain unrenovated. TruAmerica will renovate all units to a consistent, premium finish level, creating a high-end feel for future residents. TruAmerica also plans to make targeted, improvements to exteriors and amenity spaces. Amenity improvements will include clubhouse renovations, landscaping, playground renovation, outdoor pool deck expansion, indoor pool area renovation, reupurpose of the sport court into pickleball and dogpark, pool furnishings, signage, exterior paint, BBQs, exterior lighting, and fitness center upgrades. These renovations will improve the current resident lifestyle and boost the curb appeal of the property.

Property Highlights

1202 Pearl is located in the heart of Tacoma’s North Side submarket and provides easy access to South Sound’s booming employment hubs, favorable public-school system, numerous lifestyle options, and extraordinary outdoor excursions. Located ¼ mile south of 1202 Pearl is a retail center anchored by a large LA Fitness. Residents also enjoy easy access to a Safeway anchored retail center just ½ mile north of the property. The Property’s location is central to major employers, including the Port of Tacoma, four different hospitals, the University of Washington, Tacoma Community College, and Joint Base Lewis McChord. The Property is also directly adjacent to Highway 16 and only a few miles from Downtown Tacoma. Additionally, the property is a short twenty five-minute drive from Seattle-Tacoma International Airport, which recently completed a $710M renovation, and is a major employment hub.

Tacoma is recognized as one of the most livable and walkable cities in the nation, with a thriving downtown core, outstanding transportation, and a number of exceptional recreation options, including waterfront parks, entertainment venues, museums, and a wealth of retail. Recent revitalization and infrastructure improvements include improved freeway access, introduction of the light rail system, a redeveloped waterfront and various new museums and universities, all of which have laid the groundwork that is now attracting an affluent tenant base. Local universities such as University of Washington and Tacoma Community College have paved the way for a growing center of educated tenants. Major employers of Tacoma residents include Kaiser Permanente, MultiCare Health System, Boeing and Amazon. In addition to local employers, 19% of Tacoma residents commute daily to Seattle. The city’s economy is heavily influenced by its location on Commencement Bay and proximity to the Northern Pacific Railroad.

Community Amenities & Unit Amenities

Apartment Amenities

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