TruAmerica Multifamily, in partnership with funds managed by Eagle Realty Group, has acquired Charleston Landings and Charleston Edge, a 372-apartment home community located in the Brandon submarket of the Tampa metro. It is the 12th acquisition in Florida’s second largest market for the Los Angeles-based multifamily investment firm.
Completed in 1986, Charleston Landings features a mix of one- to three-bedroom apartment homes ranging from 503 to 1,162 square feet. Built in 2016, Charleston Edge, the second boutique phase of the development, offers one- and two-bedroom units ranging from 789 to 1,281 square feet. Located about a mile from Interstate 75 and only 15 minutes from downtown Tampa, the property offers quick access to employment centers, such as Westshore Business District and its more than 4,000 businesses, and is surrounded by high-quality shopping, restaurants and local entertainment.
Through its multimillion-dollar capital improvement program, TruAmerica plans to upgrade Charleston Landings’ units, which remain in classic or lightly renovated condition. The company will also perform select accretive improvements to Charleston Edge in order to achieve one cohesive scope. Anticipated apartment upgrades include stainless appliances with microwave, quartz countertops with undermount sink, updated lighting and plumbing fixtures, new vinyl plank flooring, shaker cabinet fronts and bar pulls, and a tile backsplash
“Charleston Landings and Edge have multi-faceted appeal with strong potential to reposition the property through physical and operational improvements,” said TruAmerica Co-Chief Investment Officer Matthew Ferrari, who led the acquisition team. “Our Sun Belt multifamily investment formula, which relies on high-growth markets like those found in Florida, gets a nice boost from the unique attributes of the asset and submarket against the backdrop of an even stronger overall renter economy.”
Charleston Landings and Charleston Edge constitute TruAmerica’s 26th investment in Florida. The firm recently acquired two suburban apartment communities in Orlando, FL, in a portfolio deal that added 763 units to its Sunshine State collection.
Francesco Carriera of Executive Vice President of CBRE Capital Markets in the firm’s Tampa office brokered the transaction. Acquisition financing was arranged by CBRE’s Capital Markets Team led by Ryan Greer, Troy Tegeler and Trevor Breaux.
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country's most active multifamily investors and manages a portfolio of approximately 59,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Ohio, Tennessee, Texas, Utah, Idaho, New Mexico and Washington.