TruAmerica Buys 246-Unit Dallas-Area Community
- Sep 01, 2021
TruAmerica Multifamily has acquired The Heights, a 246-unit community in Arlington, Texas, from Knightvest Capital.
Great American Life Insurance Co. provided a $40 million acquisition loan, according to Yardi Matrix. While the seller has completed renovations in 20 percent of units and partially renovated roughly double that amount, the new owner plans to upgrade all units as well as focus on rehabilitating amenities.
Built in 1995, the property is located at 1901 NE Green Oaks Blvd., on a 35-acre site. The Heights offers 162 townhomes as well as 84 apartments in one-, two- and three-bedroom configurations. Floorplans range between 711 and 1,424 square feet.
The community features an outdoor firepit, a business center, a clubhouse, a fitness center, laundry rooms, a coffee bar, a yoga room, a swimming pool as well as a barbecue area. The Heights is pet friendly and provides a dog park.
The property is within a mile of the Brown Boulevard retail corridor and River Legacy Parks East. Downtown Arlington is roughly 4 miles away. The Heights sits almost equidistantly between downtown Fort Worth and downtown Dallas, roughly 17 and 19 miles away.
The transaction marks the firm’s fourth purchase in Texas, since entering the market in December. In the third quarter of 2021, TruAmerica also purchased Mission Ranch Apartments, a 295-unit property in Mesquite, rounding out its footprint to 1,300 units across the state.