By Jack Stubbs
Los Angeles-based TruAmerica Multifamily, an investment firm that focuses on acquiring, renovating and managing multifamily housing properties across the Western and Eastern U.S., recently acquired a multifamily property in Puyallup—adding to its Puget Sound region portfolio which comprises more than 2,000 units across ten properties ranging from Everett to Federal Way.
On September 13th, through three separate transactions which were recently recorded, the company spent a combined $67.5 million, or about $306,818 per unit, to acquire the Townhomes at Mountain View Apartments, Pierce County records show. The seller was Bluerock Real Estate, a leading institutional asset management firm based in New York.
Built in 2000, the Townhomes at Mountain View property comprises 220 units, according to the listing on apartments.com. Townhomes at Mountain View—located at 503, 509 and 519 Valley Ave. NE and 2309 E. Main Ave. in Puyallup and 14624 72nd St. E in Sumner—offers a mix of two- and three-bedroom units that range from 1,214 to 1,770 square feet and rent for between $1,825 and $2,310, according to the property’s web site.
The units offer various amenities including gas fireplaces, walk-in closets, large private patios and in-unit washer/dryer. Some of the communities amenities available to residents include a recreation room, RV storage, and on-site management and maintenance services.
Townhomes at Mountain View, which according to Google Maps comprises three separate locations in North Puyallup, is roughly two miles from downtown Puyallup and about two miles east of Sumner. Sitting adjacent to the Puyallup River, the property is also conveniently located proximate to transit corridors like State Route 167 and State Route 512, which offers access to downtown Tacoma to the northwest.
Founded in 2013, TruAmerica Multifamily focuses on the repositioning of Class B Apartments to unlock potential in the properties through tailored renovation and focused asset management, according to the company’s web site. Since its founding, the company has acquired 110 properties and has 159 assets under management. TruAmerica Multifamily’s Pacific Northwest portfolio includes various other properties throughout the region—some of these include the 188-Unit Alderwood Park Apartments in Lynnwood, the 153-unit Ridgegate Apartments in Kent, and the Westhaven Apartments in Seattle, which comprises 190 units.
According to The Registry’s reporting, TruAmerica’s last acquisition in the Puget Sound region was in October 2017, when the company spent $67.7 million, or roughly $214,240 per unit, to acquire the 316-unit Walden Pond Apartments in Everett from Holland Partner Group.
Bluerock Real Estate’s group of companies include Bluerock Capital Markets LLC, Bluerock Total Income Real Estate Fund, Bluerock Residential and Bluerock Value Exchange, according to the company’s web site. Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a publicly listed REIT that focuses on acquiring a diversified portfolio of Class A institutional-quality apartment properties in demographically attractive growth markets to appeal to the renter by choice.