Three apartment developments in the Baltimore area that together boast more than 1,000 units have sold for $187 million, the California-based buyer announced on Monday.
TruAmerica Multifamily, based in Los Angeles, said the acquisition of the properties with its partner MSD Capital LP, is part of an East Coast expansion for the company, which has a strategy focused on repositioning older properties.
The three developments — the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Elkridge, and the 212-unit Southfield in Nottingham which date to the 1980s — had been owned by Klingbeil Capital Management, according to its website. The firm did not respond to a request for comment.
TruAmerica said it plans to renovate the properties, upgrading cabinets and appliances, for example.
TruAmerica is a joint venture between Robert Hart and The Guardian Life Insurance Company of America, which launched in 2013 and now owns or manages a portfolio with more than 27,000 apartments. MSD Capital LP manages the money of computer magnate Michael Dell and his family.