TruAmerica Multifamily buys 372-unit asset near Tampa

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TAMPA, FL — Los Angeles-based multifamily investment firm TruAmerica Multifamily has purchased a 372-unit apartment community in the Tampa suburb of Brandon, Florida. The company acquired the asset in partnership with funds managed by Eagle Realty Group.

The transaction represents the 12e acquisition in the Tampa market, and its 26e investments in the State of Florida.

The acquired property includes Charleston Landings and Charleston Edge. Charleston Landings, built in 1986, offers one-, two-, and three-bedroom units ranging from 503 square feet to 1,162 square feet. The second boutique phase of the development, Charleston Edge, built in 2016, offers one- and two-bedroom units ranging from 789 square feet to 1,281 square feet.

Through TruAmerica Multifamily’s multimillion-dollar capital improvement program, the company plans to upgrade units at Charleston Landings and implement improvements at Charleston Edge to achieve cohesion. Unit upgrades will include stainless steel appliances, quartz counter tops, updated fixtures and plumbing, new vinyl plank flooring, shaker cabinet fronts and bar pulls, and a tile backsplash.

Located off Interstate 75, the property is located 15 minutes from downtown Tampa and close to employment centers, such as the Westshore business district.

“Charleston Landings and Edge have multi-faceted appeal with strong potential for repositioning the property through physical and operational improvements,” said Matthew Ferrari, co-chief investment officer of TruAmerica. “Our Sun Belt multi-family investment formula, which leverages high-growth markets like Florida, benefits from the unique attributes of the asset and submarket in the context of a still global tenant economy. stronger.”

Property represents 26 of TruAmerica Multifaimlye investment in florida

Ferrari led TruAmerica’s acquisition team for the transaction and CBRE Capital Markets Executive Vice President Francesco Carriera brokered the deal. A CBRE capital markets team, led by Ryan Greer, Troy Tegeler and Trevor Breaux, arranged the financing for the acquisition.

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