TruAmerica Multifamily Acquires Two Dallas-Area Communities; Adds More than 500 Units to TX Holdings

Mission Ranch

Mission Ranch

DALLASAug. 30, 2021PRLog — TruAmerica Multifamily (“TruAmerica”) doubles its portfolio in Texas with the acquisition of The Heights and Mission Ranch apartments. The two Dallas-area properties, acquired in separate transactions total more than 500 apartment homes and represent the Los Angeles-based value add multifamily investment firm’s third and fourth investments in Texas since entering the market in December 2020.

Mission Ranch Apartments is a 295-unit Class-B property of one-, two-, and three-bedroom apartment homes. The Heights is a 35-acre property of 162 single-family townhomes and 84 apartments. With these properties, TruAmerica has now acquired 1,300 units in Texas in the last eight months.

The Dallas-Fort Worth multifamily market has been a consistently strong multifamily market throughout the last year, with high renter demand in the first and second quarters of 2020 despite the economic upheaval caused by the pandemic. In addition, the Dallas area was mostly unaffected by job loss during the pandemic as businesses continued to flock to the area, adding nearly 25,000 professional and financial jobs in 2020.

“Texas, especially Dallas-Fort Worth, has been remarkable in its economic resilience during the pandemic,” said Dallas-based Ammanuel Metta, Senior Director of Acquisitions at TruAmerica 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.”

Population and job growth in Dallas-Fort Worth is largely considered one of the strongest in the country, with CBRE projecting that Dallas will see a population growth rate of 1.5% per year through 2024. Another projection claims that Dallas will have an unemployment rate of 3.9% in 2024, 1.6% less than the national average. These factors, as well as the favorable housing taxes in Texas, have been associated with the city’s rapid population growth, which bodes well for the rental housing demand in Dallas.

Mission Ranch Apartments is located at 901 US Highway 80 East in Mesquite. Two miles from the property, the Urban District 30 industrial park is currently under construction and will create almost 1,000 jobs when complete. The previous owners had implemented upgrades to 28 units, and TruAmerica will finish renovations and bring a modern finish to all units with new appliances, flooring, and lighting fixtures.

The Heights is located at 1901 NE Green Oaks Blvd in Arlington. The previous owner had completed renovations in 20% of the units, and partial renovations in another 43% of units. TruAmerica will oversee overall enhancements to all units, as well as the installation of washers and dryers in all units. Communal amenities such as the clubhouse, fitness center, and pool deck are in good condition but will also benefit from TruAmerica’s renovations.

Both properties are both conveniently located to shopping and employment hubs in the Dallas-Fort Worth area. Mission Ranch is near I-80, with easy access to Downtown and North Dallas, while The Heights is situated almost exactly between downtown Dallas and downtown Fort Worth.

“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.”

About TruAmerica

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 54,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.

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Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

TruAmerica Multifamily Acquires Apartment Communities in NV, FL and UT for $209 Million

Stillwater Palms

Stillwater Palms

LOS ANGELESAug. 4, 2021PRLog — TruAmerica Multifamily (“TruAmerica”) has increased its footprint in some of the strongest multifamily markets in the United States after closing last week on garden-style communities in Las Vegas, NV; Tampa, FL; and Salt Lake City, UT in three separate transactions totaling $209 million.

Combined, the properties, total nearly 1,000 apartment homes and increases the Los Angeles-based value add multifamily investment firm’s portfolio to more than 45,000 units.

Florida, Nevada and Utah, which represent approximately 25% of TruAmerica’s portfolio, are among the most fundamentally sound multifamily markets in the U.S. exhibiting solid wage, population and employment growth, according to Co-Chief Investment Officer Matthew Ferrari.  “Much of this is due in large part to the migration of corporations and families that follow them to these lower-cost-of-living states.”

The three properties, built between 1985 and 1995 represent an attractive value-add opportunity as each will benefit from TruAmerica’s targeted and accretive improvements to the interiors, exteriors and amenity spaces.

The largest of the three communities is the 396-unit Stillwater Palms which is located at 2480 Cypress Pond Road in Palm Harbor, 23 miles west of Tampa, FL.   Stillwater Palms benefits from several significant demand drivers, according to Ferrari.  “As one of Florida’s leading business centers with a world-class port, airport, and massive medical community, the Tampa MSA is home to renowned financial, insurance, and IT companies, including the headquarters of numerous Fortune 500/1000 companies. The metro is the western gateway to Florida’s Interstate-4 high tech corridor that spans 13 counties and is also recognized for its burgeoning post-secondary education system.”

Vida is a 252-unit garden style community on 4.64 acres at 560 Hacienda Ave in Las Vegas two miles west of the world-famous Las Vegas Strip.   Located in one of the city’s preferred residential areas, Vida’s Southwest submarket has added nearly 60,000 new residents since 2010, with many residents opting to rent versus buy due to surging home prices.

“Renting remains especially affordable compared to owning a home in Las Vegas,” said TruAmerica Senior Director Zach Rivas who oversees TruAmerica’s acquisition efforts in the market.  “The average rent produces a comparably low average rent-to-income ratio of less than 25 percent resulting in a higher propensity for residents to rent.”

Falls at Hunters Pointe is a 276-unit community located at 11251 South State Street in Sandy, Utah. It is easily accessible to major shopping centers, the Interstate 15 highway, two UTA TRAX light-rail stations, and The Silicon Slopes, Utah’s technology employment hub. Its proximity to The Silicon Slopes is especially valuable given the increasing importance of the tech sector in Utah’s job market.

“Sandy is one of the most sought-after communities in the Salt Lake City Metro, positioned squarely in the hot bed of The Silicon Slopes and Falls at Hunters Pointe is one of the best located properties in the submarket,” said TruAmerica Associate Director Wesley LaBar who led the firm’s acquisition effort.   “It is rare to find a suburban garden-style community that is walkable to so many entertainment, shopping and recreational options.”

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 46,000 units across prime locations throughout California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com

TruAmerica Multifamily Southeast Portfolio Reaches 10,000 Units With Atlanta and Tampa Buys

Sandtown Vista Apartments

Sandtown Vista Apartments

LOS ANGELESMay 4, 2021PRLog — TruAmerica Multifamily, in separate transactions, has acquired two large garden-style apartment communities in Tampa, FL and Atlanta, GA growing its Southeast U.S. portfolio to approximately 10,000 apartment homes with assets located in Florida, Georgia, Tennessee and North Carolina.

After focusing on investments in the western U.S. during its first four years of operations, TruAmerica entered the southeast property markets in 2017 with a two-property portfolio buy in Orlando, totaling 708 apartment homes.  The firm’s Florida holdings now include 18 properties representing nearly 6,000 units.

The firm’s newest investment is Sabal Palm Apartments, a 432-unit apartment home community in Carrollwood, 10 miles north of Tampa in Hillsborough County.  Built in 1995, Sabal Palm is one of the largest apartment communities in the area.  Its mix of one-, two- and three-bedroom apartments are housed in 15 three-story residential buildings on a 29-acre site.  Community amenities include a resident clubhouse, resort style pool with an expansive sundeck overlooking a six-acre pond, covered poolside pavilions with grill stations, 24-hour fitness center, tennis courts, sand volleyball court and dog park.

“Multifamily development in Carrollwood and all of Hillsborough County has not kept up with the tremendous population and job growth that has occurred in the region over the last 10 years,” said TruAmerica Co-Chief Investment Officer Matthew Ferrari.  “There is no new construction planned within five miles of the Sabal Palm Apartments.”

According to a report by Hillsborough County, the area benefited from the creation of 215,000 new private sector jobs in 2019.  Job growth is estimated to be 43 percent over the next 20 years driven largely by the region’s diverse employment base that includes businesses in healthcare, defense and security, logistics, education and tourism.

In a separate transaction, TruAmerica also has acquired Sandtown Vista Apartments, a 350-unit community in Atlanta’s South Fulton neighborhood, bringing its holdings in the state of Georgia to approximately 2,800 units.

Built in 2009, Sandtown Vista Apartments is located at 1475 Sand Bay Drive SW and features a mix of one-, two- and three-bedroom apartment homes.  At 1,148 square feet Sandtown Vista offers the largest average unit size among the competitive set in the area.    Despite what is arguably the economic and social engine of the southeast, Atlanta suffers from a significant supply/demand imbalance particularly in the popular southwest sector.  According to CoStar, the majority of apartment inventory was built between 2000 and 2010 with only one new property delivered in SW Atlanta in the past 10 years.

The Eastdil Secured team of Phil Brosseau, Jr., Ryan Reid, Eric Zimmerman and Parker Yates marketed the Sabal Palm Apartments on behalf of the seller, a New York-based global real estate investment firm.

The seller of the Sandtown Vista Apartments, a Kansas-based real estate investment and development firm was represented by Mike Kemether and Travis Presnell of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group.

About TruAmerica

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 46,000 units across prime locations throughout California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland, Florida, Georgia, North Carolina, Massachusetts, Tennessee and Texas. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com