A Los Angeles multifamily complex investment firm late last month inked a deal to buy the Pointe at South Mountain Apartments in Ahwatukee for $80 million.

TruAmerica Multifamily bought the complex from the ConAm Group of Companies with $55 million in new Freddie Mac debt with CBRE Capital Markets and $25 million cash, according to vizzda.com, a commercial real estate data resource.

Founded in 2013, TruAmerica specializes in Class B apartment complexes, which are generally older complexes that charge less rent.

The company is a partnership between long time multifamily investment expert Robert E. Hart and The Guardian Life Insurance Company of America, a mutual insurer founded in 1860.

The University of California at Los Angeles Ziman Center for Real Estate said that since its founding, TruAmerica “has rapidly become one the nation’s largest, most-active and premier investors in apartment communities, with $8.3 billion of assets under management totaling more than 39,000 units.”

TruAmerica Multifamily describes its primary mission as “repositioning Class B apartment communities” to provide “a tremendous value proposition for investors.”

“We unlock the potential in these properties through tailored renovation, repositioning strategies, and focused asset management,” it says, adding that it owns 127 complexes, mostly in the western U.S., and manages 172 others.

The Pointe South Mountain complex, which was built in 1988, has 364 units totaling 331,500 square feet spread across 38 two-story buildings.

Wellsford Residential Property Trust purchased the Pointe South Mountain Apartments in 1993 $17.3 million – or about $47,527 per unit, about a fifth of what the per-unit price equals with last month’s transaction.

Wellsford was acquired by Equity Residential in 1997 and Equity Residential sold the Pointe South Mountain complex in 2011 for $22.7 million to a joint venture of ColRich Multifamily and Harbert Management Corp.

The per-acre price in last month’s deal amounted to about $6.7 million while Vizzda put the per-unit price at $241,780 and the square foot price at $241.

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