TruAmerica Multifamily acquired Chase Heritage Apartments, a 236-unit garden apartment community in Sterling, VA. Los Angeles-based TruAmerica is re-entering a prime Northern Virginia submarket of Loudoun County via the $72-million purchase from McDowell Properties.
“Northern Virginia is the top market in the DC MSA, and we continue to leverage our expertise and scale to expand in high-growth markets,” said Matt Ferrari, head of acquisitions and co-CIO. Added president and CEO Bob Hart, “Well-capitalized platforms like TruAmerica can secure investment opportunities like Chase Heritage at an attractive entry point in a key Washington, DC suburb, thus allowing us to continue to grow our national portfolio of multifamily properties.”
Built in 1986, the 15-acre property is located at 1212 Chase Heritage Cir. in Sterling. TruAmerica plans to execute a value-add capital improvement program including renovated interiors and enhanced common area amenities.
IPA Mid Atlantic senior managing directors Robert Dean and Jonathan Greenberg represented the seller.
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