TruAmerica makes first East Coast investment for $187m
TruAmerica Multifamily, in partnership with MSD Capital, has expanded its geographical footprint to the East Coast with the acquisition of a 1,004-unit apartment portfolio in suburban Baltimore in an off-market transaction valued at $187 million. A seller was not disclosed.
The portfolio comprises the 158-unit Bayshore Landing in Annapolis, Md.; the 634-unit Sherwood Crossing in Eldridge, Md.; and the 212-unit Southfield in Nottingham, Md. TruAmerica will complete an interior renovation plan initiated by the seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages.
“Similar to the West Coast markets in which we invest, substantially all of the new apartment inventory being built in the greater Baltimore area is targeted for ‘renters by choice,’ effectively pricing out the working class,” said Robert Hart, TruAmerica CEO, in a statement. “This was a major factor in the decision to t