TruAmerica Multifamily Acquires Chase Heritage Apartments in Sterling, VA for $72M
TruAmerica Multifamily has expanded its national portfolio with the acquisition of Chase Heritage Apartments, a 236-unit garden-style apartment community in Sterling, Virginia. The $72 million purchase marks the Los Angeles-based firm’s re-entry into the Northern Virginia submarket of Loudoun County and was finalized with McDowell Properties as the seller.
“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 at TruAmerica. President and CEO Bob Hart added, “Well-capitalized platforms like TruAmerica can secure investment opportunities like Chase Heritage at an attractive entry point in a key Washington, DC suburb, allowing us to continue growing our national portfolio of multifamily properties.”
Constructed in 1986, the 15-acre community is located at 1212 Chase Heritage Circle in Sterling. TruAmerica plans to implement a value-add capital improvement program, which will include renovated apartment interiors and enhanced common area amenities to elevate the resident experience.
IPA Mid Atlantic senior managing directors Robert Dean and Jonathan Greenberg represented the seller in the transaction.
