In August, Los Angeles-based TruAmerica Multifamily announced its 12th acquisition in Florida’s second-largest market — the purchase of Charleston Landings and Charleston Edge in the Brandon submarket of Tampa, according to a release shared with Multifamily Dive.
TruAmerica bought the 372 apartment units in partnership with funds managed by Eagle Realty Group. The acquisition of the two-phase development is the company’s 26th investment in Florida after completing a portfolio deal that added 763 units in the Sunshine State earlier in August. The company ranked No. 29 on the most recent National Multifamily Housing Council Top 50.
“It was a great deal from a private seller, and it was basically off-market,” TruAmerica Co-Chief Investment Officer Matthew Ferrari told Multifamily Dive. “We’re very happy with it.”
Charleston Landings, completed in 1986, features a mix of one- to three-bedroom apartment homes ranging from 503 to 1,162 square feet. Charleston Edge, built 30 years later, offers one- and two-bedroom units ranging from 789 to 1,281 square feet. The properties sit a mile from Interstate 75 and 15 minutes from downtown Tampa.
TruAmerica plans to upgrade Charleston Landings’ units and perform select improvements at Charleston Edge, according to the release. Those upgrades are slated to include stainless steel appliances, quartz countertops with undermount sinks, updated lighting and plumbing fixtures, new vinyl plank flooring, Shaker cabinet fronts, and a tile backsplash.
“Charleston Landings and Edge have multifaceted appeal with strong potential to reposition the property through physical and operational improvements,” Ferrari said in the press release.
TruAmerica has had a strong interest in Sun Belt markets like Florida. “Some of the [rent increases in the Sun Belt] are a result of migration and demand,” Ferrari told Multifamily Dive in an earlier interview. “There are more people moving to these places because they’re affordable.”
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