Arbors of Las Colinas represents TruAmerica’s first investment in the Lone Star State. The Property is located in in the Las Colinas subdivision of Irving, TX. Las Colinas is the 2nd largest employment center in North Texas (behind Dallas CBD) and home to over 120K jobs. Located at the center of the Metroplex and bordering DFW Airport, the area offers easy access to air travel. Immediately adjacent the Bush Turnpike sit major corporate footprints, including Microsoft, Fluor, Oracle, and TXU Energy. Arbors of Las Colinas sits adjacent to the George Bush Turnpike, with direct visibility from 120K passing vehicles per day. As a result, the property draws tenants from any employer base in the Metro as tenants can easily access jobs in major centers like Legacy and Downtown.
TruAmerica plans to bring all 408 units to a consistent, higher end finish level and make select, accretive upgrades to the exteriors and amenity spaces. Further, the opportunity remains to install washer & dryer machines in 50% of the units at the property.
The 408-unit property was built in 1984 and features desirable two- and three- story brick construction in a low-density park-like setting. Additionally, all floor plans at the property have porches/balconies.
While current ownership has completed a light upgrade to 79 units, the opportunity remains to make modest upgrades to these and the remaining 329 in Classic condition. Upgrades to the apartment interiors in the remaining classic and previously renovated homes will include microwaves, vinyl flooring, granite countertops, new white-shaker cabinet fronts and pulls, tile backsplash, washers & dryers and upgraded plumbing and lighting fixtures. Potential amenity enhancements and upgrades include exterior paint, signage improvements, adding new furnishings and improving the landscaping around the property.