November 1, 2016
Los Angeles-based TruAmerica Multifamily acquired The Highlands, a 556-unit garden-style apartment community in Grand Terrace, CA from Walnut Creek, CA-based Sequoia Equities for $92 million. The off-market transaction was completed in a joint venture with institutional capital partner Investcorp.
The Highlands, built in two phases between 1986 and 1988, features a mix of one and two-bedroom floor plans, each with a patio or balcony. The partnership plans a multimillion capital improvement program to upgrade unit interiors, exterior and common area amenities.
The deal marks 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. TruAmerica’s footprint in the Inland Empire totals 1,665 units across seven properties.
HFF’s Ryan Fitzpatrick brokered the deal, while the firm’s Charles Halladay and Mike Gigliotti arranged the financing.
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