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TruAmerica Multifamily Increases Texas Holdings to 3,000 Units with Dallas Acquisition
Rancho Mirage adds to TruAmerica's growing Texas portfolio which includes nine properties in Dallas/Ft. Worth, Houston and San Antonio.
By: TruAmerica Multifamily
Rancho Mirage is TruAmerica's ninth investment in Texas and its fourth in the Dallas/Fort Worth Metroplex since the Los Angeles-based multifamily investment firmed established a Dallas regional headquarters in December 2020 under the direction of Senior Director Ammanuel Metta.
Rancho Mirage is located at 1200 Hidden Ridge and features a mix of one- and two- bedroom apartment homes. Residents have access to a clubhouse with a 24-hour fitness center, racquetball court, billiards and game room and a business center. Other community amenities include a lap pool and outdoor gathering areas with barbecue stations. TruAmerica plans to improve the property's curb appeal and renovate interior units through a multimillion dollar capital improvement program.
"Despite the tremendous population growth that we have experienced here over the past several years, the relative affordability -- ratio of household income to rent -- is still well below other major metros in the sunbelt states," said Metta. "Irving, in particular has been a magnet for renters. In addition to being the second largest employment center in North Texas with more Fortune 1000 corporations per capital than any other city in Texas, its central Metroplex location is an easy commute to jobs in Dallas, The Platinum Corridor and Fort Worth."
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 59,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah, Idaho, New Mexico and Washington. For more information on TruAmerica Multifamily, visit http://www.truamerica.com.
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