Ares Management and its investment partner TruAmerica Multifamily, both headquartered in California, have picked up a six property residential apartment communities in suburban Baltimore in a transaction valued at $236 million. Trading for approximately $168,330 per unit, the assemblage totals 1,402 units located near major military, government and corporate employers in the area. About 50 percent of the units involved in the transaction will be renovated in work that will include the installation of new appliances, floors and countertops. Additionally, the new ownership plans upgrades across the portfolio in order to reposition the properties. Multifamily real estate investment trust UDR was the seller of the assets.
“We have been looking to work with TruAmerica, an experienced partner, for a long time and are excited we found this opportunity to create significant value in an attractive portfolio of geographically-diverse Baltimore metropolitan-area assets,” said Steven Wolf, partner in Ares Management’s Real Estate Group. “This investment is representative of our U.S. equity value-add strategy, which focuses on areas with strong employment centers and unit-enhancement opportunities.”
