TruAmerica’s Austin Buy is Tenth Texas Multifamily Acquisition
TruAmerica Multifamily bought a 230-unit project located seven miles outside Austin. Built in 2003, the company plans to immediately begin a multi-million dollar improvement plan on the Cannon Oaks community.
The project at 2302 E. William Cannon Dr. features a mix of two, three and four bedroom apartments averaging 1,000 square feet. TruAmerica will try to improve the curb appeal by installing new quartz countertops, stainless steel appliances, vinyl plank flooring and upgraded lighting and plumbing fixtures. In addition, washers and dryers will be added to each unit.
Despite the age of the community, TruAmerica’s Ammanuel Metta says it’s still in good shape, “87% of the units are still in classic condition. TruAmerica’s business plan involves renovating all 230 homes to a consistent, higher-end finish.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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