TruAmerica Multifamily has grown its Texas portfolio to nearly 1,500 apartments in less than nine months with its first acquisition in San Antonio, the 270-unit The Estates at Canyon Ridge for $46.7 million.
The Estates at Canyon Ridge is TruAmerica’s third investment in Texas in the last two months and its fifth since entering the state in December 2020. Since establishing a regional headquarters in Dallas under the direction of Senior Director of Acquisitions Ammanuel Metta, TruAmerica has rapidly built its regional portfolio with assets located in Dallas, Austin and now San Antonio.
The Estates at Canyon Ridge is emblematic of TruAmerica’s value add investment platform. All the one-, two- and three-bedroom townhomes remain in the same classic condition since the property was built in 2007. This creates an opportunity to upgrade unit interiors and position the property as a quality yet more affordable alternative to newer and more expensive rental options in the submarket, according to Metta.
“We are cognizant of the ever-changing demands in the multifamily space and we focus on providing product that meets residents’ needs,” said Metta. “This property offers everything renters could want in an apartment community in a Post-Covid world with large units that average nearly 1,200 square feet with nine-foot ceilings, direct access private garages, ample outdoor space and resort-style amenities,” he said. “It also attracts strong demand from families with children who want to be in the popular A-rated Northeast San Antonio Independent School District but are priced out of owning a home in the area, which boasts a median value of more than $334,000.”
The Estates at Canyon Ridge is located at 20614 Stone Oak Parkway within San Antonio’s master planned Stone Oak neighborhood. The Property is positioned adjacent to Highway 281 along Stone Oak Parkway, allowing for quick access to area employment hubs. Residents at The Estates should also benefit from the transformative 281 North Expansion Project, a $350 million TxDOT highway upgrade, which will convert the existing roadway to a non-tolled six lane freeway. Estates at Canyon Ridge also near approximately two million square feet of shopping and dining options including the Target-anchored Village at Stone Oak, Northwood Shopping Center, Stone Ridge Market and Huebner Oak Lifestyle Mall.
The property was marketed for sale by the Walker and Dunlop’s Houston-based investment sales team led by Managing Director Ryan Epstein, Matt Pohl and Forrest Bass. Acquisition financing was arranged by Walker and Dunlop’s Russell Dey, Trevor Fase and Justin Nelson.