LOS ANGELES, CA — TruAmerica Multifamily in joint venture with an institutional partner has bought Country Lake, a 253-unit multifamily community in Salt Lake City for $47.5 million, increasing its holdings in the market to 1,595 units. Built in 1973, Country Lake offered TruAmerica an opportunity to increase its portfolio in a market which they have long considered to be one of the strongest rental markets in the country. 

“Because of its strong fundamentals, the multifamily investment market in Salt Lake City has become extremely competitive and the opportunities to buy an asset like Country Lake, that fits the investment profile for TruAmerica and our investors, is indeed challenging,” said TruAmerica Director Chris MacLeod, who led TruAmerica’s acquisition team on this investment.  “We will continue to be active in the Salt Lake City market, while remaining very selective in the assets we pursue.” 

This is the fourth apartment community in Salt Lake City for TruAmerica and its first since October 2015, when in partnership with The Guardian Life Insurance Company of America, it bought a two-property portfolio for $102 million. 

According to Axiometrics, occupancy in Salt Lake City has averaged 95.9% over the last 12 months. In addition, rent growth, which has averaged 5.2% over the past three years, is expected to continue with a five-year average rent growth of 3.6%. 

Country Lake is located in Salt Lake City’s “Silicon Slopes,” an area densely populated by tech companies, including SanDisk, Intel/Micron and Adobe Systems.  This tech cluster is one of the primary demand drivers for the region’s large concentration of white-collar workers, including a growing number of millennials. This has contributed to Salt Lake City as being one of the major metros for median household income growth and median home price growth, according to Forbes Magazine. 

Country Lake features a mix of one- and two-bedroom apartment homes, each with spacious bedrooms, oversized closets and private balconies. Community amenities feature a pool, clubhouse with Wi-Fi access, central garden, outdoor barbecue area, dog park, tennis court and a playground. 

The property represents a substantial value-add opportunity for TruAmerica with a large percentage of units having remained virtually untouched since the project was built in 1973. TruAmerica will undertake a significant capital improvement program including upgrading apartment interiors, renovating all community amenities including adding a fitness center as well as refreshing exteriors and landscaping to enhance the curb appeal. 

Steve Gebing, Cliff David, Danny Shin and Brock Zylstra of Institutional Property Advisors represented the seller in the transaction. 

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RICHMOND, VA – Capital Square 1031, a leading real estate investment and management firm specializing in Delaware Statutory Trust (DST) offerings, announced its acquisition of a 296-unit multifamily property located in the Richmond suburb of Bon Air, Virginia.  Previously known as Axis 147 Apartments, the property is being rebranded as “Summit at Bon Air.”

“This multifamily community is well-located in the region’s most populous county, Chesterfield County, and is conveniently situated near the heavily-traveled Midlothian Turnpike and Huguenot Road, just 20 minutes from downtown Richmond,” said Louis Rogers, founder and chief executive officer of Capital Square 1031. “The property was bought for a Delaware Statutory Trust offering, primarily for Section 1031 exchange investors. Capital Square is bullish on multifamily communities such as this with strong occupancy and exceptional rental growth. Capital Square is pleased to add this property to our portfolio of 67 properties and provide this investment opportunity to our growing number of investors across the nation.”

Located at 1701 Irondale Road, Summit at Bon Air is comprised of 37 residential buildings and a clubhouse. The community includes one-, two- and three-bedroom floorplans ranging in size from 872 square feet to 1,321 square feet. Community amenities include a business center, dog park, clubhouse, swimming pool, fitness center, playground and 550 parking spaces. 

Situated on 27.09 acres of land, the community was originally constructed in 1974 and was substantially renovated from 2015 to 2017. 

Whitson Huffman, vice president of acquisitions, said “Summit at Bon Air benefits from its exceptional proximity to premier retail destinations and access to employment centers across the Richmond region. The property’s generous unit sizes and interior improvements, coupled with the recent construction of a new clubhouse, leasing and fitness center, make it stand out relative to comparable properties in the area and position it well for future growth as we continue interior unit renovations.”

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FORT WORTH, TX – Fort Worth has long been known for its historic roots. As the fastest-growing large city in the United States, per a list recently released by the U.S. Census Bureau, it’s no surprise that expansion has crossed the Trinity River giving life to Riverside Park and the plentiful amenities surrounding it. To meet the growing population’s demand for housing, JPI has broken ground on Jefferson River East which will deliver 400 homes adjacent to this vibrant area of the city.

“This is truly an exciting time to be in Fort Worth,” said Matt Brendel, divisional president and managing partner at JPI. “Fort Worth is home to over 80,000 businesses including household names such as American Airlines, Lockheed Martin and BNSF Railway. With the abundance of employment and entertainment options available, we feel there is no better place than Fort Worth for Jefferson River East.”

Located on the cross streets of Oakhurst Scenic Drive and East Belknap Street, Jefferson River East provides the perfect blend of the “huge-city feel” along with natural surroundings. The property, situated on over eight acres, is adjacent to the newly renovated Riverside Park and Trinity River and is located less than two miles from Downtown Fort Worth.

Jefferson River East is also within three miles from the Fort Worth Medical District, which is home to five world-class hospitals and hundreds of individual clinics. JPI’s newest community is also in close proximity to the historic Fort Worth Stockyards District, which features multiple dining and entertainment options including Billy Bob’s Texas and Joe T. Garcia’s.

Within the community, residents will be able to utilize the two resort-style pools, two luxury clubhouses, a very unique “speakeasy-style” amenity area, two sky lounges, a state-of-the-art fitness center, and a yoga studio. Residents will also be able to delight in the concierge service, a JPI signature amenity, as well as a pedestrian trail that runs directly through the site.

Individual homes at Jefferson River East will feature urban-style architecture with extensive amenities and quality upgraded interiors, such as: 10-foot ceilings, balconies and patios with ground-floor private yards, separate glass-enclosed shower, full sized washer/dryer included; and side-by-side refrigerator and icemaker.

The senior lender for Jefferson River East is Fifth Third Bank and CrossHarbor Capital Partners is serving as the preferred equity provider for the project.

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