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5/04/22
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TruAmerica Multifamily has built its portfolio in Texas to nearly 3,000 units in less than 18 months with the acquisition of Rancho Mirage, a 310-apartment home community in the Dallas/Fort Worth submarket of Irving.
Rancho Mirage is TruAmerica’s ninth investment in Texas and its fourth in the Dallas/Fort Worth Metroplex since the Los Angeles-based multifamily investment firmed established a Dallas regional headquarters in December 2020 under the direction of Senior Director Ammanuel Metta.
Rancho Mirage is located at 1200 Hidden Ridge and features a mix of one- and two- bedroom apartment homes. Residents have access to a clubhouse with a 24-hour fitness center, racquetball court, billiards and game room and a business center. Other community amenities include a lap pool and outdoor gathering areas with barbecue stations.
TruAmerica plans to improve the property’s curb appeal and renovate interior units through a multimillion dollar capital improvement program.
“Despite the tremendous population growth that we have experienced here over the past several years, the relative affordability -- ratio of household income to rent -- is still well below other major metros in the sunbelt states,” said Metta. “Irving, in particular has been a magnet for renters. In addition to being the second largest employment center in North Texas with more Fortune 1000 corporations per capital than any other city in Texas, its central Metroplex location is an easy commute to jobs in Dallas, The Platinum Corridor and Fort Worth.”
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