TruAmerica Multifamily has doubled its portfolio in Texas with the acquisition of two multifamily communities in the Dallas area. The value-add multifamily investment firm purchased The Heights and Mission Ranch Apartments in two separate transactions, representing its third and fourth investments in the Lone Star State since entering the market in December.
The 295-unit Mission Ranch Apartments in Mesquite and The Heights, with its 162 single-family townhomes and 84 apartments, in Arlington bring TruAmerica’s Texas portfolio to 1,300 units—all within the last eight months.
“Texas, especially Dallas-Fort Worth, has been remarkable in its economic resilience during the pandemic,” said Ammanuel Metta, senior director of acquisitions 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.”
Mission Ranch Apartments is in a prime location, two miles from an industrial park under construction that is expected to create almost 1,000 jobs. The Class B community features one-, two-, and three-bedroom apartment homes. While the previous owners had implemented upgrades to 28 units, TruAmerica will finish the renovations and bring a modern finish to all units with new appliances, flooring, and lighting fixtures.
In addition, TruAmerica will oversee overall enhancements to the units at The Heights, including the installation of washers and dryers in all units. The previous owner of The Heights had completed renovations in 20% of the units and partial renovations in another 43% of the units.
Both of the communities are conveniently located to shopping and employment, with Mission Ranch near Interstate 80, with easy access to downtown and North Dallas, and The Heights between downtown Dallas and downtown Fort Worth.
“Texas is a driver’s state, so the locations of these properties are crucial for renters to have access to the economic and commercial centers in the downtowns,” said Metta. “Their locations are truly ideal, both for those who will continue to work from home and those returning to the office in either of the metropolitan areas.”
