June 15, 2016
Los Angeles-based TruAmerica Multifamily partnered with MSD Capital, L.P. to add to its 1,000-unit multifamily portfolio in the Bay Area. With its acquisition of Waterbend, a newly-constructed, 136-unit Class A Bayview District complex, the off-market transaction marks the partnership’s second together (the first being a 1,004-unit apartment in Baltimore, MD).
Purchased from Holliday Development, the complex located at 5880 Third St. is made up of one and two-bedroom units with common area amenities like a fitness center, dog wash station and 10,000-square-foot courtyard.
TruAmerica, one of the most active multifamily investors in the nation, now holds six assets in the area. TruAmerica’s recently appointed Senior Managing Director of Capital Markets, Noah Hochman said, “San Francisco continues to be supply constrained with a limited number of new multifamily units coming online relative to the strong demand in the city.”