TruAmerica targets Denver in $229 million apartment deal

Los Angeles real estate investor TruAmerica Multifamily has continued its metro Denver buying spree with two new apartment acquisitions.

TruAmerica, in a partnership with Allstate Life Insurance Co., recently bought the 710-unit Berkshires at Lowry complex in southeast Denver and the 404-unit Ponderosa Villas.

The acquisitions were part of a $229 million deal that also included an apartment complex in Renton, Wash. The seller was an affiliate of Boston-based Berkshire Property Advisors.

“Attractive existing and projected economic fundamentals in Seattle and Denver provide an excellent value-add investment opportunity for this Berkshire portfolio,” TruAmerica chief executive Robert E. Hart said in a statement.

TruAmerica made its first appearance in Denver in April with the $55 million purchase of the 564-unit Tamarac Village Apartments. In its first year of operations, TruAmerica has acquired 10 properties totaling more than $550 million.

Dan Woodward, David Potarf and Matt Barnett of broker CBRE’s Denver office assisted in the Colorado Berkshire transactions.

Steve Raabe: 303-954-1948, sraabe@denverpost.com or twitter.com/steveraabedp

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