TruAmerica Grows Portfolio in Southern California With $103M Apartment Buy
By Nick Trombola September 19, 2023 4:45 pm
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TruAmerica Multifamily is expanding with a purchase of a $103 million apartment complex in Orange County, Calif., the company announced Tuesday.
The Class A, 264-unit property known as Nineteen01 was acquired in partnership with investment management firm PCCP at a “significant discount to replacement cost,” according to the company. Nineteen01 joins three other sites that TruAmerica owns and manages in Orange County.
The property is at 1901 East First Street in Santa Ana and includes a mix of three- and five-story buildings constructed in 2016.
“The city of Santa Ana is undergoing significant revitalization, including the development of the nearby Santa Ana Regional Transportation Center, a planned streetcar system, and a proposed state-of-the-art soccer stadium,” Robert E. Hart, TruAmerica’s CEO, president and founder, said in a statement. “We believe this property fits nicely with the city’s plans for the future.”
Units in Nineteen01 are a mix of one- to three-bedroom apartments, with an average size of 1,033 square feet. The complex is about two miles from Downtown Santa Ana, just east of Interstate 5.
The acquisition comes after TruAmerica secured $300 million in refinancing earlier this year for five other properties across four states.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
