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8/31/21
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TruAmerica Multifamily has doubled its portfolio in Texas with the recent acquisition of two Dallas-area properties, The Heights and Mission Ranch apartments. The assets, acquired in separate transactions, total more than 500 apartment homes and represent the Los Angeles-based value-add multifamily investment firm’s third and fourth investments in Texas since entering the market in December 2020.
The Heights, Arlington, TX |
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Mission Ranch Apartments is a 295-unit Class B property of one-, two-, and three-bedroom apartment homes. The Heights is a 35-acre property of 162 single-family townhomes and 84 apartments. With these properties, TruAmerica has now acquired 1,300 units in Texas in the last eight months.
The Dallas-Fort Worth multifamily market has been a consistently strong multifamily market throughout the last year, with high renter demand in the first and second quarters of 2020 despite the economic upheaval caused by the pandemic. In addition, the Dallas area was mostly unaffected by job loss during the pandemic as businesses continued to flock to the area, adding nearly 25,000 professional and financial jobs in 2020.
“Texas, especially Dallas-Fort Worth, has been remarkable in its economic resilience during the pandemic,” said Dallas-based Ammanuel Metta, Senior Director of Acquisitions at TruAmerica and head of the firm’s Central U.S. office. “Dallas is home to key businesses that can support the projected increase in population in coming years. As businesses continue to flock to metro areas such as Dallas, we expect the Southwestern U.S. will grow as a business and financial powerhouse, and the demand for rentable units will also likely increase.”
Population and job growth in Dallas-Fort Worth is largely considered one of the strongest in the country, with CBRE projecting that Dallas will see a population growth rate of 1.5% per year through 2024. Another projection claims that Dallas will have an unemployment rate of 3.9% in 2024, 1.6% less than the national average. These factors, as well as the favorable housing taxes in Texas, have been associated with the city’s rapid population growth, which bodes well for the rental housing demand in Dallas.
Mission Ranch Apartments is located at 901 US Highway 80 East in Mesquite. Two miles from the property, the Urban District 30 industrial park is currently under construction and will create almost 1,000 jobs when complete. The previous owners had implemented upgrades to 28 units, and TruAmerica will finish renovations and bring a modern finish to all units with new appliances, flooring, and lighting fixtures.
The Heights is located at 1901 NE Green Oaks Blvd in Arlington. The previous owner had completed renovations in 20% of the units, and partial renovations in another 43% of units. TruAmerica will oversee overall enhancements to all units, as well as the installation of washers and dryers in all units. Communal amenities such as the clubhouse, fitness center, and pool deck are in good condition but will also benefit from TruAmerica’s renovations.
Both properties are both conveniently located to shopping and employment hubs in the Dallas-Fort Worth area. Mission Ranch is near I-80, with easy access to Downtown and North Dallas, while The Heights is situated almost exactly between downtown Dallas and downtown Fort Worth. The transaction price was not disclosed.
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