TruAmerica Multifamily is continuing to build out its residential portfolio in the Dallas/Fort Worth metro with its acquisition of a 310-unit community in Irving, Texas. The firm acquired Rancho Mirage for an undisclosed price from Oak Residential Partners, who owned the property since January 2017. According to Yardi Matrix data, the community last changed hands when Oak Residential acquired it from Olympus Property.
Located at 1200 Hidden Ridge, Rancho Mirage offers one- and two-bedroom units ranging from 650 to 1,243 square feet. The community’s amenities include a clubhouse, fitness center, racquetball court, billiards and game room, business center, pool and outdoor gathering areas with barbecue stations. The community is 94 percent occupied, according to TruAmerica Multifamily.
The new ownership is planning to improve the community’s curb appeal through a multimillion dollar capital improvement program. The upgrades for the units include installing quartz countertops, lowered bar tops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry, and upgraded lighting and plumbing fixtures.
Ammanuel Metta, senior director at TruAmerica Multifamily, said in prepared remarks that the Dallas/Fort Worth area is still seeing relative affordability that’s below other major metros in the Sun Belt states even though the metro has been seeing major population growth. Metta added in his prepared remarks that Rancho Mirage’s location makes for an easy commute for those working in Dallas, the Platinum Corridor or Fort Worth.
UP TO FOUR IN DFW AREA
With the acquisition of Rancho Mirage, TruAmerica Multifamily’s portfolio of multifamily properties in Texas comes to nearly 3,000 units. The firm has been acquiring communities in the state for the past 18 months and so far has acquired nine assets located in the Dallas/Fort Worth, Houston and San Antonio metros.
As for the Dallas/Fort Worth area specifically, the TruAmerica Multifamily established a regional headquarters headed by Metta in December 2020. Now, Rancho Mirage represents the firm’s fourth acquisition in the metro, following its acquisition of The Heights, a 246-unit community in Arlington, Texas last year.