ASHEVILLE, N.C. — TruAmerica Multifamily, in partnership with Spoke Real Estate Capital, has purchased Westmont Commons, a 252-unit community in Asheville, for $49.9 million. The seller was not disclosed. Greystone provided a Freddie Mac Optigo loan to finance the acquisition. Rob Russell and Richard Kourbage originated the loan.
Westmont Commons was built in two phases in 2003 and 2008. The community offers one-, two- and three-bedroom floor plans. Amenities include a clubhouse with a kitchen and game room, pool with a sundeck, dog park, fitness center and picnic area with outdoor grills.
TruAmerica plans to execute a value-add asset improvement campaign, including updated finished and new washer and dryer appliances in each unit. Other planned renovations include landscaping upgrades, reconstructing the pool deck, converting the laundry room to a pet spa, renovating the clubhouse and expanding the fitness center.