March 14, 2019
Los Angeles-based TruAmerica Multifamily acquired in separate transactions, Loretto Heights, a 312-unit apartment community in Denver for $72.25 million; and Legends at Lake Mary (pictured), a 272-unit apartment community in Orlando for $54 million.
TruAmerica’s Matthew Ferrari says, “The ability to acquire both properties at a significant discount to new construction allows us to improve the properties to compete with higher-priced product in the area, but still keep rents in line for our residents.”
Built in 1988, Loretto Heights is located 15 minutes from downtown Denver. With only 61 of the 312 apartments fully upgraded, the property represents an attractive value-add opportunity. HFF’s Jordan Robbins and Anna Stevens represented both parties in the transaction.
Legends at Lake Mary is a low-density (8.3 homes per acre) community located in one of the Orlando MSA’s most affluent submarkets. NKF’s Scott Ramey and Kevin Judd marketed the property on behalf of the seller.
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