TruAmerica Multifamily Acquires Apartment Communities in $50.8 Million Deal

TruAmerica Multifamily expanded its holdings in Florida with the acquisition of Charleston Landings and Charleston Edge apartments in Brandon, Fl for $50.8 million.  The two communities bring the number of Florida properties owned by TruAmerica in Florida to 26, 12 in the Tampa area.  The properties were sold by Dorvidor Management and CBRE Capital Markets brokered the deal and arranged acquisition financing.  Yardi Matrix data shows that TruAmerica took out a $51.6 million loan from Pacific Western Bank.  TruAmerica has plans to renovate both properties.  Charleston Landings, located at 902 Delaney Circle, is a gated community in a tranquil lakeside setting. The recently renovated 1, 2 & 3-bedrrom apartments range from 503 to 1,162-square feet contained in 19 two-story buildings.  The apartment units come with stainless steel appliances, walk-in closets, washer/dryer in all units.  Select units include wood burning fireplaces.  Community amenities include resort-style pool and spa, barbecue area, fitness center, fully equipped with cardio machines, weight machines and a TV, clubhouse, business center, movie screening room and pet area.  The gated Charleston Edge, located next to Charleston Landings at 902 Regency Lakes Drive, was completed in 2015 as the second phase to Charleston Landings.  The community features 72 one- and two-bedroom apartments, ranging from 789 square feet to 1,281 square feet contained in three two-story buildings. The apartments come with screened balcony/patios, stainless steel appliances and washer/dryer. Community amenities include resort-style pool and spa, clubhouse, fitness center and pet area.  The communities are next to Westfield Shopping Mall, convenient to shopping, restaurants and local entertainment and is 15 minutes from downtown Tampa. The properties were sold in August 2022 as a portfolio for $50.8 million.

Photo: TruAmerica Multifamily 

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