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5/19/22
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TruAmerica Multifamily has acquired Cannon Oaks, a 230-apartment home community located just seven miles from downtown Austin in Texas. Completed in 2003, Cannon Oaks is located at 2302 E. William Cannon Dr. and features a mix of two-, three- and four- bedroom apartment homes averaging 1k sf in size.
Through its multimillion-dollar capital improvement program, TruAmerica plans to improve the property’s curb appeal and renovate interior units, including new quartz countertops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry and upgraded lighting/plumbing fixtures. Additionally, the opportunity remains to install washer/dryer machines in all 230 homes.
“Austin continues to be a very popular city for renters and that has translated into really strong apartment absorption last year and record rent growth,” said TruAmerica Senior Director Ammanuel Metta. “This well-located asset in Southeast Central Austin allows us to not only tap into that growth, but also seize a very promising value-add opportunity given that approximately 87% of the units at Cannon Oaks are still in classic condition. TruAmerica’s business plan involves renovating all 230 homes to a consistent, higher-end finish level.”
Cannon Oaks is TruAmerica’s 10th investment in Texas and its third in the Austin metro and brings its local portfolio to nearly 1,000 units. The Los Angeles-based multifamily investment firmed established a Dallas regional headquarters in December 2020 under the direction of Metta.
The acquisition of Cannon Oaks comes on the heels of TruAmerica’s acquisition of Rancho Mirage, a 310-apartment home community in the Dallas/Fort Worth submarket of Irving.
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