TruAmerica Multifamily, a national, institutionally focused multifamily investment firm, has acquired Westmont Commons, a 252-unit multifamily community in Asheville, North Carolina. The asset was purchased off-market for $49,875,000 in partnership with Spoke Real Estate Capital. The seller was undisclosed.
“Westmont Commons represents TruAmerica’s fifth investment in North Carolina and is our first investment in the Asheville MSA,” said Bob Hart, president and CEO of Los Angeles-based TruAmerica Multifamily. “We continue to expand our portfolio by adding apartment communities across the country that align with our investment strategy. We expect to deliver an upgraded community to the market to meet demand for workforce housing that will be achieved via renovations, professional property management and operational efficiencies.”
TruAmerica plans to execute a value-add asset improvement campaign to reposition the property, which was built in two phases in 2003 and 2008. All 252 homes are slated to be upgraded with modern finishes and new appliance installations. TruAmerica will also complete exterior and amenity work at the property, including enhancements such as landscaping upgrades, reconstructing and upgrading the pool deck, converting the laundry room to a pet spa, renovating the clubhouse and expanding the fitness center.
Westmont Commons delivers a mix of features and amenities for residents across a range of one- to three-bedroom floor plans. Units include hardwood-style flooring, spacious kitchens with black or white appliance packages, ceiling fans, washer and dryer hookups and private patios or balconies. The property has a community clubhouse with kitchen and game room, outdoor pool with expansive sundeck, off-leash dog park, 24/7 fitness center, picnic area with outdoor grill and offers views of the Blue Ridge Mountains.
The suburban property is located at 120 Chamberlain Dr. in western Asheville near major employment hubs and retail offerings.
Greystone, a leading multifamily lender, provided a Freddie Mac Optigo loan to finance the acquisition, which was originated by Rob Russell and Richard Kourbage.
