TruAmerica Multifamily has acquired Cannon Oaks, a 230-unit community in Austin, Texas. The seller was a partnership between Old Three Hundred Capital and ArrowMark Partners, according to Yardi Matrix data. The Class B property last traded in 2020.
Completed in 2001, the community comprises two-, three- and four-bedroom apartments averaging 1,000 square feet. Communal amenities feature a swimming pool, business center, fitness center and basketball court, among others.
The company plans to renovate the property through a multi-million dollar capital improvement program. The upgraded amenities will include new countertops and appliances, as well as vinyl plank flooring. In addition, washer and dryer machines will be installed in all units.
Located at 2302 E. William Cannon Drive, the property is 7 miles from downtown Austin, just east of Interstate 35. The property is approximately 4 miles from McKinney Falls State Park and its neighboring golf courses. The surrounding area has several dining and retail options.
Cannon Oaks marks TruAmerica’s 10th Texas investment and its third in the Austin metro, bringing its local portfolio to roughly 1,000 units. The company recently acquired a 310-unit community in Irving, Texas, from Oak Residential Partners.