Commercial and Multifamily Briefs from TruAmerica, Base Equities, Alex. Brown Realty

TruAmerica Launches Build-For-Rent Development Arm

TruAmerica Multifamily, Irvine, Calif., launched a Build-For-Rent development division to build townhome and single-family rental communities.

The initial roll-out of TruAmerica’s in-house BFR platform will be in high growth Southwest, Southeast and Texas suburban markets, which represents 60 percent of the firm’s $16.1 billion multifamily portfolio.

New JV from Base Equities, Alex. Brown Realty to Raise Capital for Small-Balance Preferred Equity Investments

Base Equities, Los Angeles, and Alex. Brown Realty, Baltimore, announced a new joint venture, ABR Chesapeake Fund VI.

The value-added real estate fund sponsored by ABR has committed $26 million to Base Equities’ strategy, which is focused on providing small-balance ($1-5 million) preferred equity for commercial real estate investments, with an emphasis on value-add multifamily transactions in the $5-30 million range. Base Preferred Equity Fund I is continuing to raise capital and is on track to achieve its target of $50 million in commitments dedicated to the strategy.

The fund is targeting an attractive risk-adjusted return, generated from in-place cash flows, up-front payment reserves and appreciation realized after the implementation of approved value-add programs. A lack of small-balance preferred equity providers allows Base Equities to be selective with its investments.

For more information on Base Preferred Equity Fund I, email or call 310-817-0524.