TruAmerica Multifamily has made its first investments in Houston with the acquisition of a two-property multifamily portfolio totaling 652 units.
The portfolio includes the 364-unit Camden Oak Crest and 288-unit Camden Park, both developed by the seller, a Houston-based Real Estate Investment Trust. The properties are located approximately 1.5 miles from each other, near the center of the popular Westchase Business District in Western Houston. Both garden-style communities feature a mix of one-, two- and three-bedroom apartment homes offering resort-style amenities including swimming pool, fitness center and picnic areas with outdoor grills.
“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, which will be rebranded as Oak Crest and Wood Park, represent TruAmerica’s first investments in Houston. Since establishing a Central U.S. headquarters office in Dallas in 2020 under Metta’s direction, TruAmerica has built a multifamily portfolio in the state that includes seven communities totaling 2,200 apartment homes. The assets are located in Dallas, San Antonio, Austin and Houston.
Houston, the largest city in Texas by population and area, has fared well in the last few years despite the pandemic. Since the reopening of the economy, large construction plans such as a highspeed railway between Dallas and Houston will spur further job growth resulting in greater demand for quality and affordable multifamily units in the region.
“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.”
Financing was arranged by Ryan Greer, senior vice president in CBRE’s Capital Markets Debt and Structured Finance group in the firm’s West Los Angeles office.
David Mitchell, vice chairman with Newmark Knight Frank in the firm’s Houston office represented both parties in the transaction.
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