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TruAmerica Continues its Texas Expansion with San Antonio Buy
Since establishing a regional headquarters in Dallas under the direction of Ammanuel Metta, senior director of acquisitions, TruAmerica Multifamily has rapidly built its regional portfolio with assets located in Dallas, Austin and now San Antonio. In fact, its Texas portfolio has grown to nearly 1,500 apartments in less than nine months.
Its first acquisition in San Antonio is the 270-unit The Estates at Canyon Ridge. The $46.7 million property is TruAmerica’s third investment in Texas in the last two months and its fifth since entering the state in December 2020.
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 units and position the property as a more affordable alternative to newer and more expensive 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 9-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 Pkwy. within San Antonio’s master-planned Stone Oak neighborhood. The property was marketed for sale by the Walker and Dunlop’s Houston-based investment sales team led by Ryan Epstein, Matt Pohl and Forrest Bass. Acquisition financing was arranged by Walker and Dunlop’s Russell Dey, Trevor Fase and Justin Nelson.
- ◦Sale/Acquisition
