California real estate firm expands NW portfolio with $49M purchase


TruAmerica Multifamily recently completed a deal for 92 units in Canby in addition to 202 in Renton, Wash.

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BY JACOB PALMER | DIGITAL NEWS EDITOR

TruAmerica Multifamily recently completed a deal for 92 units in Canby in addition to 202 in Renton, Wash.

The purchase is valued at $48.75 million.

The company has been busy in Oregon and Washington lately. In the past three months, TruAmerica has invested more than $230 million in the Pacific Northwest with the acquisition of 1,598 units in Seattle and Portland. Most recently, the Los Angeles-based real estate investment firm closed on a five-property, 918-unit portfolio acquisition that included apartment home communities in Tualatin and Wilsonville, as well as Kent, Washington. TruAmerica now manages a Pacific Northwest portfolio with more than 3,700 units with plans to acquire an additional 2,200 units by the end of the year.

The Township Apartment Homes in Canby is a garden-style apartment community offering one-, two- and three-bedroom floor plans. Built in 1999, the property features a clubhouse, recreation room, fitness center and children’s playground.

(SOURCE: Portland Business Journal)

TruAmerica has plans to upgrade the buildings.

 


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