Arbors of Las Colinas

Investment Highlights

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.

Property Highlights

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.

Community Amenities

Ellie Apartments

Investment Highlights

Ellie Apartments represents TruAmerica’s second acquisition in the Lone Star state and first in the Austin MSA. Ellie Apartments is in the East Austin subdivision of Austin, TX. East Austin, from Oltorf Street to Manor Road, is Austin’s most unique and thriving area; a rapidly gentrifying neighborhood defined by some of the city’s most popular restaurants, bars, natural attractions, and retail. Major redevelopment has helped this area revamp its reputation into a major cultural district.
TruAmerica plans to bring the remaining 142 classics to a consistent, higher-end finish level and make select, accretive upgrades to the exteriors and amenity spaces.

Property Highlights

Ellie Apartment’s units average 831 square feet, offering one- and two-bedroom floorplans with airy 9’ ceilings. Standard features include ceiling fans, thermostats, Google Fiber availability, and full-size washer and dryer connections in all units.
Completed in 1999, the garden-style community consists of 344 units. Modern unit interiors and resort-like amenities provide residents with the upscale atmosphere desired by today’s urban renter. Situated in the Southeast Central submarket, Ellie Apartments has a strategic position in the market, which provides highly amenitized living at far lower rental rates than Class A assets in the Central Business District and attracts tenants looking for a luxury lifestyle within minutes of Downtown Austin.
While current ownership has upgraded 202 apartments, the opportunity remains to bring the 142 classic units to a consistent full renovation. Upgrades to the apartment interiors in the classic homes will include stainless-steel appliances, vinyl flooring, granite countertops, new white-shaker cabinet fronts, tile backsplash, and upgraded plumbing and lighting fixtures.
Potential amenity enhancements and upgrades include exterior paint, signage improvements, convert laundry room to dog wash station, new pool furnishings as well as improving the landscaping around the property.

Community Amenities

Apartment Amenities

Mission Ranch

Investment Highlights

Mission Ranch Apartments is located along US Highway 80 in the Dallas suburb of Mesquite, Texas. Mission Ranch is prominently situated near Belt Line Road on US Highway 80 with direct access to the Dallas CBD and excellent exposure to heavy drive-by traffic totaling more than 100,000 vehicles per day. Additionally, Mission Ranch is in proximity to three million square feet of shopping and retail including Town East Mall, a 1.25 million-square foot regional center that was renovated in 2005. Nearby retailers include Walmart Supercenter, Home Depot, PetSmart, Gander Mountain, Best Buy and more.

All 295 homes at the property are in near classic condition, so the opportunity remains to bring all units at the property to a consistent, higher-end finish level, and make select, accretive upgrades to the exteriors and amenity spaces. Additional value can be unlocked at the property by installing washer & dryer machines into all the homes.

Property Highlights

Completed in 2000 by Advenir, the garden-style community consists of 295 units. Mission Ranch offers an ideal mix of one-, two and three-bedroom apartments with spacious floor plans and airy 9’ ceilings in all the homes. Additionally, all units are equipped with private balconies and patios. Potential amenity enhancements and upgrades include fitness center renovation, converting the laundry room to a pet wash station, new pool furnishings as well as improving the landscaping around the property.

Community Amenities & Unit Amenities

• Controlled Access Gate
• Resort style pool
• 24-Hour Fitness Center
• Dog Park
• Clubhouse complete with remodeled gathering room, caterer’s kitchen, and lounge
• 9-Foot ceilings in all units
• Private patios & balconies in all units
• Washer and dryer connections in all units

The Heights

Investment Highlights

The property’s strategic location off Highway 360 and close proximity to I-30, give residents near unmatched access to all points of the DFW Metroplex. Residents are 20 minutes from both Downtown Dallas and Downtown Fort Worth. Additionally, over 125,000 people are employed within a 5-mile radius of the Property (DFW International, University Texas at Arlington, American Airlines HQ, and Texas Health Resources).

The property currently has three finish levels: classic/partial (37% or 91 homes), full (43% or 106 homes), and quartz (20% or 49 homes). So, the opportunity remains to upgrade the remaining 80% of non-quartz units to the quartz level finish-out, and make select, accretive upgrades to the exteriors and amenity spaces. Additional value can be unlocked at the property by installing washer & dryer machines into all the homes.

Property Highlights

The Heights was originally known as Legacy Point Townhomes and was built as a 162 platted two-unit townhomes with garages. Additionally, there are 84 traditional multifamily units located in two and three story buildings in the middle of the property. The property has always been operated as a traditional apartment rental complex. However, the platted townhome portion which is 66% of the entire project, meets the definition of the Single Family Rental (SFR) model. Potential amenity enhancements and upgrades include clubhouse remodel, fitness center renovation, installing 30 private backyards, replacing the clubhouse and pool deck, as well as improving the landscaping around the property.

Community Amenities & Unit Amenities

• Direct Access Garages
• Controlled Access Gate
• Resort style pool
• 24-Hour Fitness Center
• Dog Park and Pet Station
• Clubhouse and Business Center
• 9-Foot ceilings in all units
• Private patios & balconies in all units
• Washer and dryer connections in all units

The Estates at Canyon Ridge

Investment Highlights

The Estates at Canyon Ridge is positioned adjacent to Highway 281 along Stone Oak Parkway, allowing for quick access to area employment hubs. It will directly benefit from the transformative 281 North Expansion Project, a $350 million TxDOT highway upgrade, which is in the second phase of construction. The Property is surrounded by exceptional public schools and neighborhoods with median home values over $334,000. Nearby retail options, Village at Stone Oak and Stone Ridge Market, allow residents abundant choice in nearby eclectic shopping, hip eateries, and modern entertainment. Residents of Estates at Canyon Ridge have ideal proximity to regional top-tier retail and leisure entertainment options via Stone Oak, The Rim, Shops at La Cantera, and Bulverde.

The 270-unit property was built in 2007 with 9 feet ceilings throughout the property. Additionally, all units are currently in classic condition, so the opportunity remains to bring all units at the property to a consistent, higher-end finish level, and make select, accretive upgrades to the exteriors and amenity spaces. Additional value can be unlocked at the property by installing washer & dryer machines into all the homes.

Property Highlights

The Estates at Canyon Ridge offers an ideal mix of one-, two and three-bedroom apartments with spacious floor plans and airy 9’ ceilings in all the homes. Additionally, all units are equipped with private balconies and patios. Potential amenity enhancements and upgrades include fitness center renovation, package lockers, new pool furnishings as well as improving the landscaping around the property.

Community Amenities & Unit Amenities

Landmark at Barton Creek

Investment Highlights

Landmark at Barton Creek located on an irreplaceable greenbelt site within Austin’s most prestigious zip code. Just three miles from the city’s dynamic CBD, the asset is located off MoPac Expressway (Loop 1) along Spyglass Drive on a tree-lined site that backs up to the Barton Creek Greenbelt. The asset’s 78746 zip code encompasses Austin’s most affluent neighborhoods including Rollingwood, Westlake Hills, and Barton Creek. There is over 1.5 million square feet of office space located within walking distance of the property at the Barton Skyway and Barton Oaks office parks. Intel’s 120,000 square foot Austin headquarters are located directly across MoPac Expressway from the property and house 1,700 employees. Additionally, the community resides in the Barton Springs Aquifer Recharge Zone, one of the most environmentally sensitive areas in Austin. The combination makes it nearly impossible to develop new multifamily housing in the immediate area and has limited affordable rental options along this highly desirable corridor.

Property Highlights

The 298-unit property was built in 1979 and features one and two-bedroom floorplans. All floorplans at the property have porches or balconies.

Roughly 50% of the homes at the property were left in in classic condition by prior ownership. TruAmerica plans to renovate all remaining 138 apartment homes with anticipated upgrades including vinyl flooring, quartz countertops with undermount sinks, upgraded lighting/plumbing fixtures, stainless steel appliances, and upgraded white cabinetry. Additionally, TruAmerica will install Nest© Thermostats in 100% of the homes and washer & dryer machines in remaining 54% of the homes. TruAmerica also plans to conduct a full renovation of the clubhouse and fitness center, as well as make other upgrades to the amenities and exterior.

Community Amenities

Woodland Park

Investment Highlights

Woodland Park is located near the heart of the Westchase Business District, which employs 93,000+ workers and features several major corporations including Haliburton, BMC Software, Emerson, Cameron, Philips 66, and National Oilwell Varco, and among several others. In addition, the Property provides excellent accessibility to Beltway 8 and Westpark Tollway, which conveniently connects residents to several other major employment centers. In addition to Westchase Business District, other close employment centers include West Houston Medical Center (1,200+ emp, directly adjacent to Camden Oak Crest), Energy Corridor (94,000+ emp), Texas Medical Center West (2,650+ emp), and Shell Technology Center (2,000+ emp).

The Property also boasts strong surrounding demographics with $85K+ household income in a 3-mile
radius, average home values of $477K+ in a 1-mile radius, and a high concentration of white-collar
employment with a 73% average in a 1-mile radius of the Property. Furthermore, due to the lack of supply in the surrounding area, the Property will foster more natural rent growth.

Property Highlights

Built in 1995, the property consists of 288 units with an average unit size of 866 square feet, and consists of 13 three-story residential buildings, 1 clubhouse, and 1 maintenance shop. Its unit mix is made up of 1-,2-, and 3-bedroom units. All homes are equipped with either balconies or ground floor porches. The previous Seller completed a modest renovation plan at the property in 2015, so the opportunity remains to bring all 288 homes to a consistent higher end finish level by installing quartz countertops, vinyl plank flooring, upgraded lighting and plumbing fixtures, and interior paint. Additionally, 100% of the property – common areas and apartment homes – feature keyless entry powered by Chirp. TruAmerica also plans to conduct a full renovation of the clubhouse and fitness center, as well as make other upgrades to the amenities and exterior.

Community Amenities

Oak Crest

Investment Highlights

Oak Crest is located near the heart of the Westchase Business District, which employs 93,000+ workers and features several major corporations including Haliburton, BMC Software, Emerson, Cameron, Philips 66, and National Oilwell Varco, and among several others. In addition, the Property provides excellent accessibility to Beltway 8 and Westpark Tollway, which conveniently connects residents to several other major employment centers. In addition to Westchase Business District, other close employment centers include West Houston Medical Center (1,200+ emp, directly adjacent to Camden Oak Crest), Energy Corridor (94,000+ emp), Texas Medical Center West (2,650+ emp), and Shell Technology Center (2,000+ emp).

The Property also boasts strong surrounding demographics with $85K+ household income in a 3-mile radius, average home values of $477K+ in a 1-mile radius, and a high concentration of white-collar employment with a 73% average in a 1-mile radius of the Property. Furthermore, due to the lack of supply in the surrounding area, the Property will foster more natural rent growth.

Investment Highlights

Built in 2003, the property consists of 364 units with an average unit size of 870 square feet, and consists of 12 three-story residential buildings, 1 clubhouse, and 1 maintenance shop. Its unit mix is made up of 1-,2-, and 3-bedroom units. All homes are equipped with either balconies or ground floor porches. The previous Seller completed a modest renovation plan on roughly 20% or 70 homes, so the opportunity remains to bring all 364 homes to a consistent higher end finish level by installing quartz countertops, vinyl plank flooring, white shaker cabinet fronts, upgraded lighting and plumbing fixtures, and interior paint. Additionally, 100% of the property – common areas and apartment homes – feature keyless entry powered by Chirp. TruAmerica also plans to conduct a full renovation of the clubhouse and fitness center, as well as make other upgrades to the amenities and exterior.

Community Amenities

• Clubhouse/Leasing Center with Co-Working Stations and Coffee Bar
• Washer/Dryer Machines in 100% of the homes
• 9ft ceilings
• Resort-style pool with WiFi
• Resort-Style Pool and Spa with Stainless Steel Grill Station
• Large Fitness Center with Updated Equipment
• Controlled-Access Gates

Rancho Mirage

Investment Highlights 

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. 

Property Highlights 

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. 

Community Amenities 

Hillside on Cannon

Investment Highlights 

Cannon Oaks is located within the Southeast Central Austin submarket and provides residents excellent proximity to the Austin CBD (7 mi.) and access to the expanding employment centers in South Central Austin. The property is situated four minutes from Interstate 35, which provides access to Austin’s major highways and is nine minutes from Highway 71, which runs east to west through Austin and allows the residents a quick commute to the Austin Bergstrom International Airport. Additionally, the commute route to downtown from Cannon Oaks also includes St. Elmo District, South Congress, South First, and the East Riverside Corridor. 

Property Highlights 

Cannon Oaks is a 230-unit community with two, three, and four-bedroom units averaging 1,000 square feet. Approximately 80% of the units at Cannon Oaks are in classic condition while the remaining previously renovated units are comprised of modest, partial level upgrades. TruAmerica’s business plan involves renovating all 230 homes to a consistent, higher-end finish level by installing quartz countertops with an undermount sinks, lowered bar tops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry, and upgraded lighting/plumbing fixtures. Additionally, the opportunity remains to install washer/dryer machines in all 230 homes. 

Community Amenities