TruAmerica Multifamily, a Los Angeles-based multifamily real estate investment firm, has acquired an 830-unit multifamily portfolio with a total investment of $108.7 million.
Located in Raleigh, North Carolina, the acquired assets include Duraleigh Woods, which features 362 units of one- and two-bedroom floorplans, Bridgeport, a 276-unit community, and lastly, Sailboat Bay, a 192-unit community.
The three-asset multifamily portfolio makes up two of six communities with frontage along Lake Lynn, a 56-acre man-made lake in Raleigh’s Lake Lynn Park. The communities are situated in the A-rated Northwest Raleigh public school district.
TruAmerica plans a capital upgrade plan, targeting certain enhancements to the units’ interiors by adding stainless-steel appliances, vinyl plank flooring, tile backsplashes, modern lighting, new cabinet fronts and plumbing fixtures.