TruAmerica Multifamily has entered the Texas market with the $63.5 million acquisition of the 408-unit Arbors of Las Colinas. Yardi Matrix data shows that the multifamily firm acquired the community in Irving, Texas from The Kislak Co. The Moran Co.’s Eric Calub, Greg Smith, Thad Wetterau and Paul Harris represented both parties in the transaction.
Built in 1985, the Class B community offers one-, two- and three-bed units spread throughout 19 three-story buildings. The units range in size from 640 to 1,405 square feet, with select units offering fireplaces, USB outlets and patios or balconies. Arbors of Las Colinas was also built with a fitness center, pet park, clubhouse, two pools and courtyard areas. The property is 96 percent occupied.
The community is located at 1000 San Jacinto Drive in Las Colinas, a suburb of Irving that’s the second largest employment center in North Texas. The Irving area is also home to major employers including AT&T, Citigroup, Allstate Insurance Co., Microsoft and General Motors.
Ammanuel Metta, TruAmerica Multifamily’s senior director who heads the Dallas office, said in prepared remarks that the firm was looking at several potential acquisitions after opening the Dallas division in February. After the market shut down in March due to the COVID-19 pandemic, Metta added in his prepared statement that it was difficult to get the transaction moving again for several months, but TruAmerica eventually revisited with the seller and was able to close on the deal.
TruAmerica’s first Texas acquisition comes months after the company opened its Dallas office in February, hiring Metta to lead the new division. Arbors of Las Colinas also fit into the firm’s strategy of acquiring value-add Class B communities with 200 units or more that are located near the area’s central business district.
Previously, TruAmerica has invested heavily into western U.S. markets like California, Washington and Arizona with some notable acquisitions in Maryland on the East Coast.
The firm has also been expanding its Florida footprint, having acquired a 292-unit community in Palm Harbor for $47 million earlier this month. The acquisition puts TruAmerica’s Florida portfolio to 16 properties totaling 5,189 units, while its total portfolio across the U.S. totals 127 properties owned and 172 assets under management.