TruAmerica Enters Houston with Two-Property Portfolio Buy

TruAmerica Multifamily has made its first investments in Houston with the acquisition of a two-property multifamily portfolio totaling 652 units. The portfolio includes the 364-unit Camden Oak Crest and 288-unit Camden Park, both developed by the seller, a Houston-based real estate investment trust. The communities will be rebranded as Oak Crest and Wood Park.

The properties are located 1.5 miles apart, near the center of Westchase Business District in Western Houston. Both garden-style communities feature a mix of one-, two- and three-bedroom apartment homes offering resort-style amenities.

“The portfolio represents an excellent opportunity to acquire well-maintained and institutionally owned product in a prime location with value-add opportunity,” said Ammanuel Metta, senior director of acquisitions and head of the firm’s Dallas office. “These properties benefit from strong surrounding demographics, and proximity to more than 1,500 businesses within the Westchase Business District including major employers as Emerson, Cameron, Chevron, Jacobs Engineering and BMC Software.”

Financing was arranged by Ryan Greer, senior vice president in CBRE’s West Los Angeles office. David Mitchell with Newmark’s Houston office represented both parties in the transaction.