TAMPA, FL – TruAmerica Multifamily, in joint venture with RSE Capital Partners, has bought a two-property, 454-unit multifamily portfolio in the Tampa submarket of Pinellas County for $63.75 million.

The portfolio acquisition increases TruAmerica’s Florida portfolio to nearly 5,000 units, with 20 percent in the Tampa/St. Petersburg market, considered one of Florida’s most dynamic apartment markets, according to Co-Chief Investment Officer and Head of Acquisitions Matt Ferrari.

“The Tampa MSA continues to experience exceptional job growth and the employment mix is rapidly shifting toward high-wage occupations in the finance, business services, education, and healthcare industries,” Ferrari said. “The high barriers to entry have limited new supply, making tremendous demand for quality affordable rental housing.”

The acquisition is the first joint venture between TruAmerica and Washington D.C.-based RSE Capital Partners. 

“This partnership was fortified through a shared vision for these properties,” said Noah Hochman, Co-Chief Investment Officer and Head of Capital Markets for TruAmerica. “Working side-by-side with the RSE team was a fantastic experience and it’s our joint desire, to pursue other investments together in the near future.”

“We’re excited to kick off our first deal with TruAmerica, who we regard as one of the top owners nationwide,” said Max Kirschenbaum, Head of Business Development for RSE. “We look forward to working with their team to unlock the full potential of these fantastic assets.”

Twin Lakes and Runaway Bay are both 1980s vintage garden-style multifamily communities located 20 minutes apart along US Highway 19, the area’s main north-south thoroughfare. Each community features a mix of one- and two-bedroom floorplans situated in two-tale residential buildings in a low-density environment. 

TruAmerica and RSE will institute a significant capital improvement plot across the portfolio, renovating the interiors with higher end finishes to make a more modern look and feel. Plans also call for select exterior and common area upgrades that include new signage and paint, landscaping, a new outdoor kitchen and refreshing of the clubhouse, fitness center and pool areas to enhance the resident living experience.

Newmark Knight Frank Multifamily Vice Chairman Patrick Dufour and Director Ryan Crowley marketed the properties on behalf of the seller and the acquisition was leveraged with 10-year Agency financing arranged by Newmark Knight Frank Executive Managing Director Mitch Clarfield and Director Ryan Greer. 

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LOS ANGELES, CA – MWest Holdings, a vertically integrated private real estate investment and property management company based in Los Angeles, with more than 2.5 million square feet of residential and commercial property across the U.S., announced the acquisition of Harbor Terrace, an apartment building in the San Pedro Arts District. Harbor Terrace, located at 441 West 3rd Street, is MWest’s second investment in San Pedro in just the last year, following the acquisition of San Pedro Bank Lofts in late 2018. The transaction is valued at $20.8 million.

Like earlier MWest acquisitions in the Downtown Los Angeles Arts District, Santa Monica, Echo Park, and Koreatown, Harbor Terrace is located in a thriving, exciting, up-and-coming community. San Pedro borders Rancho Palos Verdeswith its million-dollar estates, the Port of Long Beach, and the City of Long Beach, and is 30 minutes from downtown Los Angeles. With its unique architecture and artist communities, Downtown San Pedro recalls the early days of the Downtown Los Angeles Arts District or Echo Park and Silverlake around 2012 and 2013.

Constructed in 1987, Harbor Terrace is a 93-unit, three-tale apartment community of studio, one-bedroom, and two-bedroom units, and features one level of above-grade parking, courtyard, fitness center, and leasing office. In addition to rebranding the property, MWest will contribute a wide array of amenities, including repainting the entire location, making new outdoor common areas, and renovating all units.

“After first acquiring a building there last year, we are thrilled to return to the San Pedro neighborhood,” said Karl Slovin, President of MWest Holdings. “Harbor Terrace, when perfectly renovated, will complement one of the city’s most exciting arts communities.”

The most desirable neighborhood in San Pedro, located close to the port of Long Beach, the Arts District is home to more than 30 studios and galleries, and features many restaurants and pubs and arts and crafts stores, as well as the Warner Grand Theatre, the historic, art-deco movie palace. The property is part of a neighborhood that will soon be going through major landscape-altering renovations, including the San Pedro Public Market, a redevelopment of the San Pedro Waterfront scheduled to open in 2020; an 80-unit boutique hotel proposed next to the Warner Grand Theatre; and the Alta Sea marine research facility.

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TAMPA, FL – Providence Real Estate, a multifamily owner-operator, announced the completion of the acquisition of the IMT Boot Ranch Apartments in the Palm Harbor submarket of Tampa, Florida. The Property was bought in a joint venture with a Fortune 500 company that is a global provider of risk management solutions.

Boot Ranch is a 432-unit apartment community developed in 1996 on 30 acres consisting of 17 residential apartment buildings and a one-tale clubhouse/leasing center. 

Boot Ranch offers residents quick beach access while still offering convenient access to major regional job centers, including the Westshore Office submarket and the expanding Tampa International Airport. The property is anticipated to undergo extensive exterior and interior renovations and will be renamed The Boot Ranch apartments.

“The acquisition of IMT Boot Ranch presents a fantastic opportunity for us to reposition a twenty-three-year-ancient property that will benefit from a significant renovation to enable it to provide high-quality rental housing for Tampa’s workforce. The Boot Ranch apartments will provide workforce renters with an upgraded living experience in a unique location allowing them to delight in the nearby award-winning white sand beaches while having quick and simple access to growing major regional job centers.” said Alan Pollack, Providence’s Chairman.

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