DALLAS, TX – Los Angeles-based, TruAmerica Multifamily has acquired two Dallas-area multifamily properties in two separate transactions. The assets comprise more than 500 apartment units.
The acquisition of the properties represents TruAmerica Multifamily's third and fourth investments in Texas, since entering the market in December 2020. The firm has now acquired 1,300 units in the state within the past eight months.
The first of the two acquired properties encompasses the 295-unit, Mission Ranch Apartments. Located at 901 US Highway 80 East in Mesquite, TX, the class B property offers one-, two- and three-bedroom floorplans. The previous owner of Mission Ranch Apartments implemented upgrades to 28 units, and TruAmerica Multifamily plans to finish renovations at the property and modernize all units.
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The second acquired property consists of The Heights, a 35-acre property which features 84 apartments and 162 single-family townhomes. The asset is situated at 1901 NE Green Oaks Blvd in Arlington, TX. The Heights' previous owner completed renovations in 20% of the units and partial renovations in 43% of the units. TruAmerica Multifamily plans to enhance and install washers and dryers in each unit.
The Dallas-Fort Worth multifamily market has achieved consistent high renter demand throughout the past year. Despite the pandemic, the Dallas area added nearly 25,000 professional and financial jobs in 2020.
"Texas, especially Dallas-Fort Worth, has been remarkable in its economic resilience during the pandemic," says Ammanuel Metta, senior director of acquisitions at TruAmerica and head of the firm's Central US 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 US will grow as a business and financial powerhouse, and the demand for rentable units will also likely increase."
"Texas is a driver's state, so the locations of these properties are crucial for the renters to have access to the economic and commercial centers in the downtowns," says 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."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
