TruAmerica Multifamily, a national, institutionally-focused multifamily investment firm, acquired Westmont Commons, a 252-unit multifamily community in Asheville, North Carolina. The asset was purchased off-market for $49,875,000 in partnership with Spoke Real Estate Capital. The seller was undisclosed.
TruAmerica Multifamily and partner Spoke Real Estate Capital have purchased an apartment property in Asheville, North Carolina, for nearly $50 million. The deal represents TruAmerica’s expansion of holdings in North Carolina, and first purchase in Asheville.
As the first quarter of 2024 was wrapping up, TruAmerica Multifamily closed its first acquisition of the year: a 252-unit apartment community in Asheville, NC that was purchased for nearly $50 million from an o!-market seller that was not disclosed. The Los Angeles-based multifamily investment firm plans a value-add asset improvement campaign to reposition the property, called Westmont Commons, which was built in two phases in 2003 and 2008.
After a slow start to 2023, Orange County’s multifamily market is seeing more interest from investors, who paid a combined $413 million across four separate deals in Laguna Niguel, Santa Ana, Huntington Beach and Placentia the past month.