A joint venture between TruAmerica Multifamily, a Los Angeles-based investment firm, and Oaktree Real Estate Income Trust, a publicly registered non-traded REIT, has purchased a 448-unit multifamily community located near Atlanta for an undisclosed price.
Built in 1986 on 35 acres, Anzio is a Class B property located in the Atlanta suburb of Lawrenceville, Georgia and features a mix of one- and two-bedroom homes with floorplans averaging 975 square feet.
TruAmerica plans to upgrade both the interior units and exterior common areas, including the community’s two pools and surrounding decks, clubhouse, fitness center, barbecue and outdoor dining areas, dog park and sports courts.
Anzio is located within the broader Gwinnett County submarket, which has more than doubled its population since 2000.
“The Atlanta market offers excellent multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, creating strong job and population growth,” said TruAmerica co-chief investment officer Matthew Ferrari who oversees the firm’s acquisition team. “This has resulted in tremendous demand for well-located, quality rental properties.”
Anzio represents the third deal TruAmerica has bought in Atlanta this year. In January, the firm purchased Junction at Vinings, a 360-unit community, and The Prato at Midtown, a 342-unit property, in separate transactions totaling $127.35 million.
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America. The firm manages an $8.4 billion portfolio of approximately 40,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida and Georgia.