TruAmerica Multifamily Acquires 200-Unit Bridges at San Ramon for $78 Million

TruAmerica Multifamily has acquired Bridges at San Ramon, a 200-unit apartment community located at 309 Springfield Drive in San Ramon, California, for approximately $78 million, or about $390,000 per unit. The transaction expands the Los Angeles-based firm's Bay Area multifamily portfolio to approximately 1,240 units.

The seller was Acacia Capital. The property last traded in 2011, making this its first sale in 15 years and one of only three multifamily transactions recorded in the submarket since 2005.

Property and Transaction Details

Bridges at San Ramon is a garden-style apartment community built in 1987 and spanning approximately 147,720 square feet. The property comprises 200 one- and two-bedroom apartments with an average unit size of approximately 739 square feet. As of August 2026, the community was approximately 95% occupied. The implied price per square foot is approximately $527.

Unit amenities include private patios or balconies, central air conditioning and in-unit laundry. Current advertised rents range from approximately $2,275 per month for one-bedroom units to approximately $3,050 to $3,350 per month for two-bedroom floor plans.

Acacia Capital had acquired the property for $40 million in 2011 and obtained a $49.8 million Fannie Mae loan in 2018. TruAmerica's $78 million purchase price represents a roughly $38 million increase over Acacia's original acquisition cost, before accounting for capital improvements, financing costs, operating income and market changes over the intervening period.

Renovation Strategy

TruAmerica Multifamily plans to renovate 192 of the property's 200 units. The planned interior upgrades include new appliances, quartz countertops, wood-style flooring and upgraded hardware. The value-add program is designed to improve rents and property quality at a stabilized asset rather than execute a lease-up of a distressed or largely vacant community.

TruAmerica Multifamily is a national, vertically integrated multifamily investment firm founded in 2013 with a stated mission of building better communities by addressing essential housing needs. The firm is headquartered at 10100 Santa Monica Blvd., Suite 400, in Los Angeles.

Market Context: Supply Constraints and Demand Drivers

San Ramon has seen no new market-rate multifamily deliveries since 2000, a supply constraint that underpins the investment rationale for acquiring and upgrading an older asset. The limited pipeline of competing inventory can support occupancy and rent durability over time.

The property is located near Bishop Ranch, a major employment center in the Tri-Valley area, and sits approximately 35 to 36 miles east of downtown San Francisco. San Ramon's median household income is approximately $205,000, and single-family home prices in the area exceed $1.5 million, conditions that support sustained rental demand by pricing many residents out of homeownership.

The scarcity of available institutional-quality apartment assets in the submarket — with only three multifamily transactions recorded since 2005 — illustrates the limited frequency with which properties of this type come to market in San Ramon. TruAmerica's acquisition gives the firm exposure to a submarket characterized by high barriers to homeownership, limited competing supply and value-add potential in a portfolio where most units have not yet received planned interior upgrades.

Bay Area Portfolio Expansion

With the addition of Bridges at San Ramon, TruAmerica Multifamily's Bay Area holdings grow to approximately 1,240 units. The firm's established presence in the region provides existing operating infrastructure and market knowledge that can support the execution of the renovation program at the newly acquired community.

Sources:
TruAmerica Multifamily — TruAmerica Buys 200-Unit Bridges at San Ramon Multifamily Complex in San Francisco Bay Area
TruAmerica Multifamily — TruAmerica Multifamily Expands Bay Area Footprint with Bridges at San Ramon Acquisition
TruAmerica Multifamily — TruAmerica Buys Bridges at San Ramon in San Francisco Bay Area