September 12, 2019
Los Angeles-based multifamily investment firm TruAmerica Multifamily has acquired a three-property multifamily portfolio in Raleigh for $108.7 million. The properties include Duraleigh Woods, a 362-unit apartment community built in 1986; Bridgeport, a 276-unit community, and Sailboat Bay, a 192-unit community with frontage on Lake Lynn.
Previous ownership upgraded the common area amenities and exteriors of the properties. TruAmerica plans to implement interior renovations that will include the addition of stainless-steel appliances, new cabinet fronts and hardware, vinyl plank flooring, tile backsplashes and modern lighting and plumbing fixtures.
Andrea Howard and John Currin of JLL’s Southeast Multifamily Team represented the undisclosed seller in the transaction.
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Tags: Apartments & Multifamily