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.”

TruAmerica Multifamily has made its first investment in the state of Texas with the acquisition of Arbors of Las Colinas, a 408-unit Class B apartment home community in the Dallas suburb of Irving, TX.

“We were looking at numerous opportunities including Arbors three weeks after we opened the office in February, but the world changed and the market shut down in March with the onset of the Covid-19 Pandemic,” said Senior Director Ammanuel Metta who heads the Dallas office.   “While it was difficult to gain any transaction momentum for several months, we were closely monitoring market fundamentals and key data points to develop a strategy of how to work under the new normal. We eventually revisited with the seller and were able to find a pricing equilibrium that worked for both parties.” 

Built in 1985, Arbors of Los Colinas is located at 10000 San Jacinto Drive and features a mix of one-, two- and three-bedroom apartment homes in 19, three-story residential buildings.  Common area amenities include two resort-style pools with spas and cabanas, pet park, fitness center and courtyard areas with grills.  The property benefits from its location in Las Colinas, the second largest employment center in North Texas.  Corporations in Irving, include AT&T, Citigroup, Allstate Insurance Company, Microsoft and General Motors and the property draws from the more than 120,000 people that work in the area. 

Eric Calub, Greg Smith, Thad Wetterau and Paul Harris in the Dallas office of The Moran Company represented both parties in the transaction.

Beverly Hills, CA (October 9, 2018) -- TruAmerica Multifamily has been awarded the inaugural Pet Pawsitive Award by the non-profit social enterprise Michelson Found Animals Foundation for its pet friendly policies and initiatives across its 37,000-unit portfolio.

The Foundation annually celebrates the efforts of local officials, businesses, individuals and organizations focused on improving the lives of pets and their people, and a recognition of the joy pets bring to our lives. The Foundation expanded its awards program, now in its seventh year, to include the inaugural Pet Pawsitive Award to recognize organizations with pet friendly policies that benefit their employees and customers, enrich the community and make a positive impact on pets and their people. 

“Each year, I look forward to meeting the impressive individuals and organizations who are doing incredible work for pets in their communities and across the country,” said Dr. Gary Michelson, founder of Michelson Found Animals Foundation. “Whether spearheading animal rights legislation or making the world a little more pet friendly, their combined efforts play a huge role in the future of animal welfare. I am grateful for what they do and am honored to work beside them to further our mutual goal of saving animals and enriching lives.”

TruAmerica was recognized for providing people and their pets with a great experience at home. With 37,000 apartments from coast to coast, TruAmerica operates pet friendly communities which include award winning dog parks, dog centers, dog spas and more. Many of TruAmerica’s apartment communities regularly host special events and activities tailored toward pet owners and prospective owners including ‘Yappy Hour’ and adoption events. 

“Pets are an enriching part of our lives that add a positive element to family life, which is why we adopted welcoming policies related to pets and their owners who reside in our safe pet friendly communities within our entire 37,000-unit apartment portfolio,” said TruAmerica President and CEO, Robert Hart.  “It is an honor to be recognized by Michelson Found Animals which does so much to enrich the lives of pets and the people who love them.”

About TruAmerica Multifamily

TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country's most active multifamily investors and manages a $7.9 billion portfolio of approximately 37,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada, Utah, Maryland and Florida. For more information on TruAmerica Multifamily, visit http://www.truamerica.com or call (424) 325-2750.

About the Michelson Found Animals Foundation:

Michelson Found Animals Foundation is a leading animal welfare non-profit organization committed to keeping pets safe at home with the pet parents who love them. With a mission of Saving Pets, Enriching Lives, Found Animals is advancing the health and safety of pets through the first free, national microchip registry, solutions-based programs addressing pet adoption, microchipping, low-cost spay neuter services and grants for research into non-surgical spay and neuter methods. The foundation provides educational resources for pet parents and support for a variety of animal welfare organizations and is also supporting start up innovation in the pet care industry with the Leap Venture Studio. Generously funded by Dr. Gary Michelson and Alya Michelson, Found Animals has helped more than 1.5 million pets since it was founded in 2005. Follow our progress online at www.FoundAnimals.org, or via social media at Facebook, Instagram, Twitter, and YouTube.