LOS ANGELES, CA – TruAmerica Multifamily, in its first joint venture partnership with an affiliate of Blackstone Real Estate Income Trust, has bought a 635-unit multifamily portfolio with assets located in the Denver and Seattle metros, in a transaction valued at $126.5 million.

Blackstone is the latest of 16 institutional capital partners to joint venture with TruAmerica in the past four-and-half years.

“Blackstone has made a significant commitment to the Class B value-add multifamily space and together we have long been looking for the appropriate investment in which to partner,” said Noah Hochman, Senior Managing Director of Capital Markets for TruAmerica.  “We look forward to finding new opportunities to invest together again soon.” 

The portfolio includes two 300+ unit garden-style apartment communities that have seen small or no renovation since they were constructed in 1984 and 1991.  At a collective occupancy of approximately 94%, the two properties represent an brilliant investment that features a combination of strong current income and tremendous upside growth potential, according to TruAmerica Director of Acquisitions Zach Rivas.

“We are enthused to be investing once again in Seattle and Denver, two of the strongest multifamily markets in the western U.S.,” said Rivas.  “The value-add opportunities available at each property are highly attractive and will enable us to take advantage of the terrific fundamentals found in each asset’s respective submarket.”

Montair is a 319-unit garden style community featuring a mix of one- and two-bedroom floorplans on a low-density 13-acre site at 8901 Grant Street in Thornton, CO, the core of metro Denver’s thriving Northern suburbs.   Montair is located less than two miles from the soon-to-be completed light rail station at Original Thornton and 88th, which will provide simple access to Downtown Denver.  The property is also easily commutable to Denver’s major employment hubs including the I-25 Corridor, Interlocken Tech Business Park and the Health One North Suburban Medical Center.

Walden Pond is a 316-unit golf course apartment community comprising a diverse mix of one-, two- and three-bedroom apartment homes at 9990 12th Avenue West in Everett, WA.   The large three-bedroom floorplans, which average approximately 1,300 square feet, are particularly attractive to families, who are attracted to the highly rated Mukilteo School District.   The property also benefits from its location at the north end of Seattle’s High Tech Corridor, which provides an ongoing and expanding source of high paying technology and aerospace jobs.

With the acquisition of Montair and Walden Pond, TruAmerica and its partners now own and operate 14 properties totaling 2,892 units throughout Washington and six properties totaling more than 2,643 units in the Denver metro.

As Freddie Mac Select Sponsors, the joint venture received attractive acquisition financing through Freddie Mac’s seven-year fixed-rate program, which was arranged by Troy Tegler of CBRE.

TruAmerica and the seller were represented by John Hallgrimson, Eli Hanacek and Frank Bosl of CBRE in the Walden Pond transaction and by David Moran and Pamela Koster of Moran & Company in the Montair transaction.  

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CHANDLER, AZ – Avesta Communities announced the recent acquisition of Coronado Crossings, a 320-unit garden-style apartment complex located on 19 acres in Chandler, AZ. Located just south of Phoenix, the community is Avesta’s first acquisition in Arizona.  

“Arizona is a fantastic market and the city of Chandler has tremendous potential for growth,” says Luke Kline, Director of Acquisitions. “We look forward to serving the citizens of Chandler and helping residents of Coronado Crossing live abundantly.”

A Tampa-based vertically integrated firm, Avesta makes lasting value to investors through a resident-focused mission. Avesta plans to fully renovate the property, upgrading all interior units and improving community amenities for residents to delight in.  

“Coronado Crossings represents another fantastic opportunity for Avesta to continue to add value and diversification for our investors,” says Avesta Partner Joe Facchini. “We are making improvements to the community while enhancing the service to residents.” 

Located along “The Price Corridor,” the community is well-situated to capitalize on the region’s recent growth. Last year, Intel announced plans to invest $7 billion in a new facility in Chandler, making 3,000 jobs and adding an immediate boost to the local economy. The close proximity to downtown Chandler, Chandler Fashion Center, and upscale dining also make it an ideal location for the residents of Avesta’s newest acquisition.  

Avesta deployed more than $119 million of equity into eight communities across four states last year.  The company now operates in four high growth states: Arizona, Colorado, Florida, and Texas. Avesta currently manages a portfolio worth more than $1 billion, serving over 30,000 residents. Avesta will continue to bolster its presence in existing markets and is actively seeking opportunities to expand in new regions. The recent additions to the firm’s team have provided the experience and talent needed to expand with purpose in targeted areas. The team of over 340 professionals is well positioned for continued growth throughout 2018. 

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IRVINE, CA – International award-winning firm KTGY Architecture + Plotting is pleased to announce that after four years of careful plotting and collaboration, Chapman University’s latest development project has been approved by the City of Orange, California. The project includes a new 402-bed student apartment building for upperclassmen alongside the adaptive reuse of one of the most valuable historic resources in Ancient Towne Orange, the Villa Park Orchards Association Packing House. Originally built for the Santiago Orange Growers Association in 1918, this packing house became the world’s largest exclusive shipper of oranges and shaped the development of this area of Ancient Towne. The City of Orange Ancient Towne Historic District is the largest National Register District in California. Adaptive reuse of the Packing House allows for the conversion of the historic packing room into a museum, student services center, or classrooms/offices for the University.

According to Ken Ryan, KTGY principal and head of the firm’s Community Plotting and Urban Design Studio KTGY’s role was to ensure project consistency with KTGY prepared Specific Plot Design Guidelines, coordinate with the various design firms, provide design recommendations and shepherd the project through a complex approval process. Since 2001, Ryan and his studio have represented the University as Design Advisors and Project Representatives for nearly 40 projects. “We have worked closely with project-specific architects and other consultant team members in preparing and processing the required City submittals for a wide variety of projects. We’ve also had the honor of working with the University’s President, Administration and Board of Directors as well as various Department Heads over the years,” said Ryan. “In addition, our team prepared and successfully processed the campus-wide Specific Plot and EIR for Chapman University through the City of Orange.”

Adaptive reuse of the Packing House required extensive evaluation of the structure and collaboration with architecture firm AC Martin and Historic Resources Group’s Peyton Hall, one of the country’s premier historic preservation architects. “The front part of the main packing room allows for classrooms, offices and the possible relocation of Chapman University’s Hilbert Museum of California Art, which is currently located near Ruby’s and the train station in Ancient Towne Orange,” said Ryan.

The Hilbert Museum is home to a collection of paintings from the “California Scene” movement of the 1920s through the 1970s and beyond, including paintings by Millard Sheets, a relative of Ryan’s, noted Johanna Crooker, Ryan’s Studio Director overseeing the project.

“The rear part of the packing room is also reserved for University uses and includes the excavation of a large courtyard that will expose the basement level of the Packing Room to the sunken courtyard area. This large courtyard provides an outdoor common area for residents of the new student apartment community adjacent to the Packing House,” said Crooker. 

The exterior of the building will be restored to its appearance during the period of significance by removing some later additions, restoring the original paint colors, and installing building signage that replicates the original Sunkist sign. An ancient Railroad Spur alignment has been brought back to life and utilized to tie the site together with materials and interpretive signage telling the rich history of the property. Landscape and hardscape designs in front of the Packing House were carefully crafted by Bennitt Design Group. Interpretive signage was designed by Hunt Design and Ruzika Design provided lighting design to showcase the Packing House.

The new student apartment building was designed by architecture firm Togawa Smith Martin. The new residential building, which is being built next to the packing house, is designed to reflect the industrial character of the packing house and surrounding neighborhood. “The new student housing building provides much-needed student housing for the University,” said Ryan. “In designing the new building, it was vital to balance the demand for student housing with preserving the historic character of the site. The new building needed to be large enough to accommodate the number of beds without overwhelming the adjacent Packing House.”

Key to this successful approval was working with the City’s historic resource advocates, City staff and the City of Orange’s brilliant Design Review Committee, Ryan said. “The City is fortunate to have such capable individuals donating so much of their time and expertise to projects within the Historic District,” said Ryan. “We listened, identified shared goals and made changes that I believe made the project even better. It’s a win-win relationship.”

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