May 2, 2016
Los Angeles-based TruAmerica has entered the East Coast market for the first time, with an off-market, 1,004-unit apartment portfolio in Baltimore, MD for a $187 million price tag. TruAmerica’s acquisition was made in partnership with MSD Capital, L.P.
The portfolio includes three properties: 158-unit Bayshore Landing (Annapolis); 634-unit Sherwood Crossing (Eldridge); and 212-unit Southfield (Nottingham, pictured). TruAmerica is planning for interior renovations and upgrades to the common areas’ amenities, as these properties were all built between 1984 and 1990.
TruAmerica’s CEO Robert Hart said, “Similar to the West Coast markets in which we invest, substantially all of the new apartment inventory being built in the greater Baltimore area is targeted for ‘renters by choice,’ effectively pricing out the working class. This was a major factor in the decision to target the Baltimore and Annapolis markets for our first East Coast investments.”