ASB and TruAmerica Acquire Orange County Apartment Complex for $85.8 Million

HUNTINGTON BEACH, CA – Expanding its West Coast apartment holdings, ASB Real Estate Investments (ASB) announced today the $85.8 million acquisition of a 251-unit apartment complex located in nearby Fountain Valley in a joint venture with TruAmerica Multifamily. ASB made its investment on behalf of its Allegiance Real Estate Fund, a $7 billion core investment vehicle. The seller is Shea Apartments, the property’s developer.

Known as the Corte Bella Apartments, the 97% leased property is located just off I-405, 35 miles south of downtown Los Angeles. Situated on 12 acres in a highly attractive campus setting, the complex has 33 two-story residential buildings, featuring one- and two-bedroom units, dedicated individual unit garages, and access to secluded courtyards and seven swimming pools.

The local Orange County submarket around Fountain Valley is supply constrained with minimal available multifamily development opportunities and aging housing stock. The immediate area benefits from a high median household income—nearly $90,000, nearby employment centers, highly rated schools, and the Greater Orange County airport, only a 10-minute drive from Corte Bella.

Aaron Duncan, ASB Senior Vice President, said: “Working with TruAmerica we plan to upgrade units and take advantage of the property’s unique amenities to maintain high occupancies and solidify rent levels in one of the country’s most favorable and desirable multifamily investment markets.”

TruAmerica Director Zach Rivas, who led TruAmerica’s acquisition team, said: “Fountain Valley is a highly desirable, centrally located Orange County submarket, with a severe shortage of modern rental housing, making Corte Bella a compelling investment opportunity. The vast majority of Fountain Valley’s 4,200 multifamily units were built prior to 1980, and due to high barriers to entry, there is very little new product in the pipeline.”

About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $7.7 billion portfolio of approximately 36,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland and Florida. For more information on TruAmerica Multifamily, visit or call (424) 325-2750.

About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $7.4 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing; the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles; and a development separate account.

*as of June 30, 2018 

The information provided in the release does not constitute an offer to sell or buy securities or the solicitation of an offer to sell or buy securities.