TruAmerica Multifamily acquired a two-property portfolio in Houston, including the 364-unit Camden Oak Crest.
Courtesy TruAmerica Multifamily TruAmerica Multifamily acquired a two-property portfolio in Houston, including the 364-unit Camden Oak Crest.

TruAmerica Multifamily has made its first investments in Houston with the acquisition of two multifamily communities with 652 units. The two-property portfolio includes the 364-unit Camden Oak Crest and the 288-unit Camden Park, both developed by the seller, a Houston-based REIT.

“The portfolio represents an excellent opportunity to acquire well-maintained and institutionally owned product, in a prime location with value-add opportunity,” said Ammanuel Metta, senior director of acquisitions and head of the firm’s Dallas office. “These properties benefit from strong surrounding demographics, and proximity to more than 1,500 businesses within the Westchase Business District, including major employers as Emerson, Cameron, Chevron, Jacobs Engineering, and BMC Software.”

The communities will be rebranded as Oak Crest and Wood Park. Since establishing a Central U.S. headquarters office in Dallas in 2020 under Metta’s direction, the value-add multifamily investment firm has built a portfolio in the Lone Star State that includes seven communities totaling 2,200 apartment homes in Austin, Dallas, Houston, and San Antonio.

The two properties are located approximately 1.5 miles from each other, near the center of the Westchase Business District in western Houston. They both feature a mix of one-, two-, and three-bedroom apartments with resort-style amenities, including a swimming pool, a fitness center, and picnic areas with outdoor grills.

Houston, the largest city in Texas, has experienced strong fundamentals, despite the pandemic.

“Houston’s economy is becoming more diverse with each passing year,” added Metta. “More companies are moving to Texas because of its favorable tax and regulatory environment. Houston’s low cost of living, compared to other tier-one markets in the state, establishes the metro as a prominent relocation destination for well-educated people looking to live in a city with an exceptional quality of life.”

Ryan Greer, senior vice president in CBRE’s Capital Markets Debt and Structured Finance group in the firm’s West Los Angeles office, arranged the financing, and David Mitchell, vice chairman with Newmark Knight Frank in the firm’s Houston office, represented TruAmerica Multifamily and the seller in the transaction.