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October 27, 2021
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TruAmerica Multifamily Boosts Texas Portfolio with $46.7 Mil Res Buy

10/11/21

TruAmerica Multifamily has grown its Texas portfolio to nearly 1,500 apartments in less than nine months with its first acquisition in San Antonio, the 270-unit The Estates at Canyon Ridge, for $46.7 mil ($173k/unit). Built in 2007, the property offers a mix of large one-, two- and three-bedroom units that average nearly 1.2k sf in size.

The Estates at Canyon Ridge is located at 20614 Stone Oak Pkwy, within San Antonioís master planned Stone Oak neighborhood. The property is positioned adjacent to Hwy 281 along Stone Oak Pkwy, allowing for quick access to area employment hubs.

Residents at The Estates should also benefit from the transformative 281 North Expansion Project, a $350 mil TxDOT highway upgrade, which will convert the existing roadway to a non-tolled six lane freeway. Estates at Canyon Ridge also near approximately 2 msf of shopping and dining options including the Target-anchored Village at Stone Oak, Northwood Shopping Center, Stone Ridge Market and Huebner Oak Lifestyle Mall.

The Estates at Canyon Ridge presents an opportunity to upgrade unit interiors and position the property as a quality yet more affordable alternative to newer and more expensive rental options in the submarket, according to TruAmerica Senior Director of Acquisitions Ammanuel Metta. The property features nine-foot ceilings, direct access private garages, ample outdoor space and resort-style amenities.

Ryan Epstein, Matt Pohl and Forrest Bass with Walker and Dunlop represented the seller. Acquisition financing was arranged by Walker and Dunlopís Russell Dey, Trevor Fase and Justin Nelson.






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