Investcorp and TruAmerica acquire California apartment complex for USD92m
TruAmerica Multifamily, in a joint venture with institutional capital partner Investcorp, has acquired The Highlands, a 556-unit garden-style apartment community in the Inland Empire community of Grand Terrace, California in an off-market transaction valued at USD92 million.
This is Investcorp’s fifth and largest investment with TruAmerica over the past 24 months. Together, Investcorp and TruAmerica now own and operate more than 2,400 units in California, Arizona, Colorado and Nevada.
"The Highlands represents a particularly attractive acquisition with several compelling value-add strategies, including tiered interior renovation packages designed in response to market demands,” says Brian Kelley, managing director with Investcorp’s real estate group. “TruAmerica is a trusted operating partner that has significant experience in successfully repositioning similar assets in this submarket, and we are confident in their ability to do the same with The Highlands.”
TruAmerica’s footprint in the Inland Empire totals 1,665 units across seven properties.
“With our existing presence in this market, we will be able to achieve synergy through economies of scale and by leveraging existing operational experience,” says Greg Campbell, senior managing director, acquisitions and dispositions for TruAmerica.