TruAmerica Multifamily continues to grow its Texas portfolio after establishing a regional headquarters in Dallas in December 2020. Its recent acquisition of the 310-unit Rancho Mirage in Irving brings its total apartment count in the state to nearly 3,000 units.
Rancho Mirage is the ninth investment in the state and the fourth in the Dallas/Fort Worth metro for the Los Angeles-based vertically integrated, value-add multifamily investment firm. Its other multifamily communities are located in the Houston and San Antonio markets.
“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 Sun Belt states,” said senior director Ammanuel Metta, who leads the firm’s investment efforts in Texas and the Midwest. “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 capita than any other city in Texas, its central Metroplex location is an easy commute to jobs in Dallas, The Platinum Corridor, and Fort Worth.”
The community features one- and two-bedroom apartments and a wealth of amenities, including a clubhouse with a 24-hour fitness center, a racquetball court, billiards and a game room, and a business center. Outdoors, residents have access to a lap pool and grilling stations.
According to TruAmerica, plans call for improving the community’s curb appeal and renovating interior units through a multimillion dollar capital improvement program.
