Rancho Mirage is located within the highly desirable suburban Las Colinas submarket. With an employment base of more than 153,000, Las Colinas is one of the highest concentrations of high-wage employment in Dallas/Fort Worth (DFW) and has more Fortune 1000 global headquarters per capital than any other city in Texas.
The property is less than 10 minutes from the Las Colinas Urban Center, where residents can enjoy top-rated entertainment at The Pavilion at Toyota Music Factory and various restaurants. Additionally, the property sits across from Thomas Jefferson Park, utilized by many of the families that reside at the community. Rancho Mirage also sits within the highly rated Carrollton-Farmers Branch ISD and is just 0.5 miles from Dallas College North Lake campus.
The 310-unity property was built in 1991 and features one- and two-bedroom floorplans averaging 883 square feet. Approximately 15% of the units at Rancho Mirage were left in classic condition by prior ownership, while the remaining previously renovated units are comprised of two levels of modest upgrades, none of which include hard-surface countertops. TruAmerica’s business plan involves renovating all 310 homes to a consistent, higher-end finish level by installing quartz countertops, lowered bar tops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry, and upgraded lighting fixtures. Additionally, TruAmerica will install washer & dryer machines in 55 homes. TruAmerica also plans to conduct an interior renovation of the clubhouse and fitness center, as well as make other upgrades to amenities and the exterior.