Home Finance TruAmerica Spends $98MM to Acquire Tacoma Apartment Complex

TruAmerica Spends $98MM to Acquire Tacoma Apartment Complex

TruAmerica, ConAm Management, Tacoma, Seattle, Avery on Pearl
Courtesy of Avery on Pearl

By Meghan Hall

TruAmerica Multifamily continues to invest in the Puget Sound, and the company recently spent $97,595,750, or about $300,00 per unit, on a Tacoma apartment complex. The deal, in which TruAmerica acquired the Avery on Pearl complex, according to public records, closed last month. The seller of the asset was an entity affiliated with ConAm Management, based in San Diego.

The asset is located at  1202 N. Pearl St and totals 196,000 square feet, or about 330 units. The complex features one, two- and three-plus bedrooms ranging in size from about 514 square feet to more than 1,100 square feet. Rents range from $1,440 per month to $2,330 per month, according to the property’s website. Apartments are “newly” renovated and feature wood-burning fireplaces, wood-like flooring and in-unit washer and dryer.

Community amenities include an indoor and outdoor pool, fenced dog park, sports court, fitness center, remodeled clubhouse and playground. The property is minutes from Skyline Elementary School, shopping centers anchored by Planet Fitness, Denny’s and other retailers, and the Highlands Golf Course.

Over the years, TruAmerica has acquired a number of assets in the region. In 2019, the company spent $67.5 million to acquire a 220-unit complex in Puyallup. Prior to that, the firm spent $67.7 million to purchase the Walden Pond Apartments in Everett for $67.7 million.

TruAmerica was established in 2013, and its business model revolves around repositioning Class B apartments with a “tremendous” value proposition for investors, according to its website. Since founding, the firm has purchased 243 properties, and has 263 assets under management. In all, the portfolio is valued at $14 billion and totals 54,051 units.