TruAmerica Multifamily has made its first investment in the state of Texas with the acquisition of Arbors of Las Colinas, a 408-unit Class B apartment home community in the Dallas suburb of Irving, Texas.
“We were looking at numerous opportunities including Arbors three weeks after we opened the office in February, but the world changed and the market shut down in March with the onset of the Covid-19 Pandemic,” said Senior Director Ammanuel Metta who heads the Dallas office. “While it was difficult to gain any transaction momentum for several months, we were closely monitoring market fundamentals and key data points to develop a strategy of how to work under the new normal. We eventually revisited with the seller and were able to find a pricing equilibrium that worked for both parties.”
Built in 1985, Arbors of Los Colinas is located at 10000 San Jacinto Drive and features a mix of one-, two- and three-bedroom apartment homes in 19, three-story residential buildings. Common area amenities include two resort-style pools with spas and cabanas, pet park, fitness center and courtyard areas with grills. The property benefits from its location in Las Colinas, the second largest employment center in North Texas. Corporations in Irving, include AT&T, Citigroup, Allstate Insurance Company, Microsoft and General Motors and the property draws from the more than 120,000 people that work in the area.
Eric Calub, Greg Smith, Thad Wetterau and Paul Harris in the Dallas office of The Moran Company represented both parties in the transaction.