TruAmerica Multifamily Pays $50M for Texas Apartment Complex

TruAmerica Multifamily has acquired an apartment complex in Plano, Texas for $50.3 million – providing a boost to its Sunbelt portfolio.

The property, known as Sheridan Park at Spring Creek Apartments, consists of 300 total units. Options are available in one, two, and three bedrooms for tenants.

All bedroom units come with wood fireplaces, washers with dryers, private patios, and backyards. Also, some other amenities for tenants include a residential lounge, two pool spots, and a fitness center.

Sheridan Park has proximity to major retail areas including the Legacy West and The Shops at Legacy. Plus, various parks, recreational spots, the University of Texas at Dallas, and DFW International Airport, can all be found nearby.

“Sheridan Park at Spring Creek is a valuable addition to our Texas portfolio due to its prime location in a community with strong demographics and a stellar school district,” said Ammanuel Metta, managing director of acquisitions at TruAmerica, in a statement.

“DFW—and particularly Plano—thrive thanks to its expanding job market and exceptional quality of life.”

The purchase in the suburb of Dallas/Fort Worth marks TruAmerica’s 12th multifamily Texas property in its portfolio. In addition to the metro area, it also has assets in San Antonio, Austin, and Houston.

According to the company, Plano employs 300,000 individuals, who work in various industries from tech, and healthcare to retail. Plus, the city led the country in employment growth in the 12 months through November 2023.

Overall, multifamily is seeing a significant amount of demand. In the first half, 257,000 units were absorbed, which is near the all-time high of about 270,000 in the first six months of 2021, according to RealPage Market Analytics. However, Dallas was one of the regions that struggled with rents in June, taking at least a three percent decline.

TruAmerica was represented and had the debt procured by JLL.