**TruAmerica Multifamily Acquires Plum Tree Park in Renton for $47.4M**
TruAmerica Multifamily, a Los Angeles-based investment firm, has acquired Plum Tree Park, a 96-unit multifamily property in Renton, Washington, for $47.4 million.
Located at 200 SW Fifth Place, the 34-year-old garden-style complex sits on 8.1 acres along Rainier Avenue South. The property features 14 buildings and was purchased for approximately 7% below its assessed value of nearly $51 million, according to a report by the Puget Sound Business Journal.
The transaction was brokered by Institutional Property Advisors’ team of Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero, and Anthony Palladino. The seller is a limited liability company with ties to Eaton Vance, a Boston-based wealth management firm serving financial advisers and high-net-worth clients.
TruAmerica plans to implement a comprehensive renovation program that will upgrade 95% of the units with modern finishes, including quartz countertops, wood-style flooring, and stainless steel appliances. The one- and two-bedroom apartments average 865 square feet and include features such as fireplaces, in-unit laundry, and private outdoor spaces.
Community amenities at Plum Tree Park include a clubhouse, outdoor swimming pool, fitness facilities, a dog park, playground, and covered parking.
