April 16, 2019 — TruAmerica Multifamily, in partnership with Oaktree Real Estate Income Trust (“Oaktree”), has acquired Anzio, a 448-unit class “B” multifamily community in Atlanta.
Anzio represents the third deal TruAmerica has bought in Atlanta this year and continues the firm’s growth in the Southeast in a meaningful way, according to TruAmerica Co-Chief Investment Officer Matthew Ferrari. In January, TruAmerica purchased Junction at Vinings, a 360-unit community, and The Prato at Midtown, a 342-unit property in separate transactions totaling $127.35 million.
“The Atlanta market offers excellent multifamily fundamentals and continues to attract Fortune 500 firms from multiple industries, creating strong job and population growth. This has resulted in tremendous demand for well-located, quality rental properties” said Ferrari, who oversees the firm’s acquisition team.
Anzio is located at 3100 Sweetwater Road in Lawrenceville, and is part of the broader Gwinnett County submarket. TruAmerica was attracted to the area’s educational system and pro-business government that is attracting top employers, according to Ferrari. Gwinnett County is one the fastest growing counties in the nation, having more than doubled its population since 2000.
Built in 1986 and sitting on 35.4 acres, Anzio features a mix of one- and two-bedroom homes with large floorplans averaging 975 square feet. Anzio provides TruAmerica with an opportunity to transform all 448 homes to a more modern finish level with stainless “faux” steel appliances, hard surface flooring, tile backsplashes, upgraded plumbing and lighting fixtures and new washer and dryers. TruAmerica will also make significant upgrades to the common areas including the community’s two pools and surrounding decks, clubhouse, fitness center, barbecue and outdoor dining areas, dog park and sports courts.
Brian Eisendrath and Annie Rice of CBRE Capital Markets, Inc. facilitated the debt on behalf of TruAmerica and Oaktree.
Nathan Swenson of Cushman & Wakefield represented both parties to the transaction.