Skye at Laguna Niguel

Investment Highlights

Skye at Laguna Niguel is a Class A property in Laguna Niguel, CA and TruAmerica’s first investment in South Orange County.  The property was completed in February 2016 and acquired on a pre-stabilized and off-market basis.  Skye at Laguna Niguel was purchased at a significant discount to its appraised value as the stabilized cap rate was far below pricing for stabilized core assets in similar coastal locations.  Core multifamily properties in coastal Southern California consistently trade in the high-3 to low-4 cap rates.  This investment represents a rare opportunity as core product in Orange County are owned by a few select owners and seldom available for sale.  The last sale of a core product in this market occurred in Q4 2013 in Irvine, CA, which traded at a 4.0% cap rate.  In addition, the City of Laguna Niguel is a severely underserved submarket for multifamily housing as the current average apartment occupancy is 97%, thus demonstrating demand for new product.

Property Highlights

A 142-unit, newly constructed property situated along SR 73 and highly visible to the 100,000+ commuters that pass the property on a daily basis.  The property also benefits from strong drive by along Cabot Road where the entrance is located.  Skye at Laguna Niguel is located less than a half-mile to both I-5 and SR 73.  In addition, the Laguna Niguel Metrolink Station is approximately a half-mile from the property.  The property is within a 20-minute drive to South Orange County’s major office parks, retail and entertainment centers, and transportation hubs.  Unit amenities include plank flooring throughout, stainless steel appliances, in-home washer/dryer, floor-to-ceiling windows, private patios or balconies, and track lighting.

Amenities

Sherwood Crossing

Investment Highlights

Sherwood Crossing is a large institutional quality property built in 1988.  The property was acquired in a 3-property portfolio in suburban Maryland and was TruAmerica’s first investment east of Denver.  The Mid-Atlantic region is viewed by many investors as an opportunistic play, identified as one of the few remaining major markets yet to have experience the strong recovery rent growth that many of the other major markets have enjoyed within the last 24-36 months.  Sherwood Crossing represents a true and proven value-add opportunity as the previous owner has renovated approximately 46% of the units that have achieved significant renovation premiums.  TruAmerica plans to update the previously renovated units to include vinyl flooring throughout and improved blinds, upgrade the remaining units at a higher renovation scope than the previous owner’s renovation program, and make strategic, accretive common area and amenity upgrades.

Property Highlights

A 634-unit property that enjoys excellent connectivity to the entire Washington, DC and Baltimore region as it is located along I-95.  The Property’s location is central to the Baltimore/Washington, DC Corridor which allows residents convenient access to not only the major employment centers of Baltimore and Washington, DC, but also to major employers located in the immediate area who employ nearly 95,000 individuals.  Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, and backsplash.

Amenities

Southfield

Investment Highlights

Southfield is an institutional quality asset built in 1990.  The property was acquired in a 3-property portfolio in suburban Maryland and was TruAmerica’s first investment east of Denver.  The Mid-Atlantic region is viewed by many investors as an opportunistic play, identified as one of the few remaining major markets yet to have experience the strong recovery rent growth that many of the other major markets have enjoyed within the last 24-36 months.   Southfield represents a true and proven value-add opportunity as the previous owner has renovated approximately 65% of the units that have achieved significant renovation premiums.  TruAmerica plans to update the previously renovated units to include vinyl flooring throughout and improved blinds, upgrade the remaining units at a higher renovation scope than the previous owner’s renovation program, and make strategic, accretive common area and amenity upgrades.

Property Highlights

A 212-unit property ideally situated near the junction of I-95 and I-695 which provides residents a convenient location proximate to Baltimore, Towson, Harford County, Bel Air, and Washington, DC via a nearby MARC station at Martin Airport.  Furthermore, the property is less than one mile from White Marsh, a 2,000 acre planned mixed use community anchored by the White Marsh Mall (1.4 million sf), which is a major regional draw for the densely populated surrounding communities and one of the fastest-growing areas in Baltimore County.  Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, and backsplash.

Amenities

Bayshore Landing

Investment Highlights

Bayshore Landing is an institutional quality asset built in 1984 located in the strong Annapolis, MD submarket.  The property was acquired in a 3-property portfolio in suburban Maryland and was TruAmerica’s first investment east of Denver.  The Mid-Atlantic region is viewed by many investors as an opportunistic play, identified as one of the few remaining major markets yet to have experience the strong recovery rent growth that many of the other major markets have enjoyed within the last 24-36 months.  The primary business plan for Bayshore Landing is to increase rents by improving the property’s unit interiors and making strategic, accretive common-area amenity upgrades. The Seller recently put in place a modest interior renovation program in which TruAmerica intends to complete, whilst instituting strategic updates to previously renovated units. TruAmerica plans to continue the full interior upgrades, and update previously renovated units to include vinyl flooring throughout, artisan backsplashes and improved blinds and make strategic, accretive common area and amenity upgrades.

Property Highlights

Bayshore Landing is a 158-unit property ideally situated along Spa Road, a main arterial in the Annapolis submarket.  The property is two and a half miles from I-50, which connects Annapolis to Washington, DC thirty miles west. As the State Capital of Maryland and the county seat of Anne Arundel County, Annapolis enjoys a rich history and provides a wide array of employment opportunities in the government, office, defense technology, and educational sectors. Unit amenities include vinyl flooring, faux stainless steel appliances, in-home washer/dryer, granite countertops, private patios or balconies, fireplaces, and backsplash.

Amenities

Waterbend Apartments

Investment Highlights

Waterbend is a Class A property built in 2016 and located in the Bayview neighborhood of San Francisco, one of the most sought after and best performing residential markets in the country.  The property was acquired on a pre-stabilized and off-market basis.  Waterbend was purchased at a significant discount to its replacement costs and comparable sales.  San Francisco has been experiencing strong multifamily fundamentals for the past decade.  Average monthly rents have increased 79% since 2005, while vacancy has been extremely low at 3.8%.  Furthermore, the population has increased by 45,000 residents and only 7,500 total new units have been delivered in the past five years.  New construction in the area has leased-up quickly, with properties stabilizing in as little as four months, thus demonstrating the exceptional demand for quality rental product.  The property is also mapped for condo conversion, adding further flexibility to a potential future buyer.

Property Highlights

A 136-unit, newly constructed property located in the up-and-coming Bayview neighborhood of San Francisco.  Bayview is just south of the excellent Dogpatch and Mission Bay submarkets, which have transformed and gentrified to a remarkable degree in the past several years.  The property is highly accessible as it enjoys doorstop access to the Muni KT line, one mile from a Caltrain station, and a half-mile away from US 101.  Unit amenities include hard surface plank and stone flooring throughout, GE appliances, in-home washer/dryer, quartz countertops, and spacious closets.

Amenities

The Highlands Grand Terrace

Investment Highlights

The Highlands was built in two phases and was well constructed with features that were uncommon at the time, including full-size washer/dryers in select homes, private garages, and a full range of modern community amenities. The property’s aesthetic appeal and lack of functional obsolescence makes it an ideal candidate for a value-add interior renovation program. With previous ownership showing a proven value-add opportunity by achieving renovation premiums for a select number of units, TruAmerica plans to capture those premiums on the remaining  267 units that are un-renovated, investing over $5M in order to complete the program. This thoughtful renovation will produce returns that are not easily found in the current economic environment, and it will capture a market which is still in the early stages of recovery.

Property Highlights

The Highlands is a low density, garden-style apartment community located in the city of Grand Terrace, CA. Nestled on a plateau above the I-215, the community offers access to employment centers throughout the booming Inland Empire region, including the nearby cities of Riverside and Loma Linda. This property is less than 4 miles away from Loma Linda University Medical Center, which after undergoing its $1.2B expansion program will add approximately 700 jobs, making it the second largest medical center in California and the highest-ranked hospital in the Inland Empire region.

Amenities

Calypso

Investment Highlights

Calypso is a quality asset built in 1997 located in the strong Northern Las Vegas submarket. The property was acquired on an off-market basis as part of a larger portfolio at a steep discount to replacement cost. This opportunity represents a true and proven value-add opportunity. The primary business plan for Calypso is to renovate the property’s unit interiors and make strategic, valuable common-area amenity upgrades. The modest interior rehab scope will include upgraded faux-wood floors and new appliance packages, while exterior improvements will range from renovations to the clubhouse/fitness center, to adding poolside Wi-Fi. This renovation scope will yield rent premiums with an attractive return on cost.

Property Highlights

A 360-unit property positioned in the coveted northern submarket of Las Vegas, Calypso covers a total of 10 Acres, making it in an attractive low density community (20 units per acre) with great community amenities. Boasting large average unit sizes at over 1,150 square feet, coupled with an upgraded interior package, Calypso will be in a prime position to capture higher rents. The properties location is also just two miles north of the Mountain View Hopsital, which has just announced a $90M expansion project that is currently underway which will create many new jobs in the area.

Amenities

Kaleidoscope

Investment Highlights

Kaleidoscope was acquired on an off-market basis as part of a larger portfolio.   The business plan to be implemented at Kaleidoscope will situate it as one of the top assets in the sub market. Through a strategic interior renovation program that includes faux-wood flooring, new black appliances, and repainted kitchen and bathroom cabinet faces, there will a strong opportunity to increase rents and leasing velocity. As part of the exterior renovation package, there will be new gym equipment in the fitness center, improved exterior lighting, as well as renovations to the pool & spa.

Property Highlights

A 208-unit property that sits on a little over 10 Acres, Kaleidoscope is an attractive low density community (20 units per acre) that is in high demand.  It has direct access to major transportation corridors including U.S. Route -95, Summerlin Parkway, and Interstate-215 which are readily accessible from Rainbow Ave. which runs adjacent. Just two exits down the R-95 is the Summerlin Parkway which takes you directly into Las Vegas’s most affluent communities and to some of Las Vegas’s most desirable job markets, such as the Las Vegas Tech Center, Mountain View Hospital and over 5 million square feet of consumer retail. In addition to the properties close proximity to the Northwest’s regional job centers, the Kaleidoscope is located just 15 minutes from the World Famous Las Vegas Strip, where many of its residents work.

Amenities

Collage

Investment Highlights

Collage is a beautiful asset that was acquired on an off-market basis as part of a larger 3-property portfolio in the Northern Las Vegas submarket. Collage has been undergoing a small renovation program (about 10% of the units have been upgraded), which TruAmerica intends to continue and expand. The capital program will include classic interior renovations including new carpet and flooring, as well as big-ticket exterior improvements to the pool area and fitness center. These renovations coupled with improved property management are expected to yield rent premiums as well as tremendous value accretion to the property.

Property Highlights

Built in 1994, Collage has 234 two-bedroom units that have average floor plans larger than 1,150 square feet. Located within a short drive to both the famous “Strip” as well as the Las Vegas Technology Center, this is a well situated asset. Las Vegas’ apartment fundamentals rank among the nation’s best, with indicators such as employment growth, rent growth, population growth, and a limited supply pipeline, which portray a very bright future for the multifamily market.

Amenities

Lakeside Mill

Investment Highlights

Lakeside Mill is an institutional quality asset that was acquired as part of a 6-property portfolio. By implementing a targeted renovation program that will total nearly $3M, interior renovations as well as accretive common area and amenity upgrades will be completed. Although the previous owner has completed varying scopes of interior renovations in select units, this new program will allow TruAmerica to achieve significant renovation premiums on the units that have not been updated. Given the submarket’s strong demographic profile, this is a property that provides tremendous opportunity to further complete a thoughtful renovation plan.

Property Highlights

Lakeside Mill is located in the submarket of Owings Mills of Baltimore County, MD. Within a walkable distance to the 32-acre T. Rowe Price campus, as well as CareFirst BlueCross BlueShield, Lakeside Mill is positioned to attract the 4,200 employees on that office campus. Owings Mills is going through an incredible urbanization, with over $1B of private capital being invested into the transit-oriented area. The investments include a new 50-acre mixed use development by Greenberg Gibbons that is set to come online in the near future, as well as a diverse, live-work-play development by David S Brown Enterprises, planned to deliver 1.2 million SF of office space, 300,000 SF of retail space, 120,000 SF of educational facilities, and 250 hotel keys. Our community will be in prime position to capitalize on this markets transformation.

Amenities