HOUSTON – (Realty News Report) – TruAmerica Multifamily has acquired Villas at West Road, a 240-apartment home community located in northwest Houston.
The multifamily community, 9500 West Road, was acquired from an affiliate of Atlantic Pacific Communities of Miami for an undisclosed price. The Harris County Appraisal District appraised the Villas at West Road at $38.3 million.
With its 11th purchase in the Lone Star State, the Los Angeles-based TruAmerica multifamily investment firm has built its Texas portfolio to 3,300 units in less than 18 months, including 900 units in the Houston area.
Completed in 2006, Villas at West Road features a mix of one-, two- and three-bedroom apartment homes averaging 1,137 SF. Through its multimillion-dollar capital improvement program, TruAmerica plans to upgrade the property with the installation of new quartz countertops, lowered bar tops, stainless steel appliances, vinyl plank flooring, white shaker cabinetry and upgraded lighting/plumbing fixtures.
“Suburban Houston’s impressive population growth and the community’s quality location between The Woodlands and the Energy Corridor are big reasons why it held such major appeal for us,” said TruAmerica Senior Director Ammanuel Metta. “Then add to those fundamental advantages the value-add opportunity we have to elevate all of the apartment homes to a consistent, higher-end finish level and you have a really great investment opportunity.”
Houston apartment occupancy was 91.5 percent in the first quarter of 2022, up from 88.8 percent in the first quarter of 2021, Colliers reported.
The average monthly rent for multifamily units increased 2 percent over the quarter, from $1,188 per month in Q4 2021 to $1,212 per month in Q1 2022. The breakout of rent prices reported by Colliers was: $1,710 for Class A units, $1,221 for Class B, $913 for Class C and $730 for Class D.
More than 13,000 units are under construction in the Houston area and another 32,800 units are proposed, Colliers said in its first quarter report.
Villas at West Road is TruAmerica’s 11th investment in Texas and its third in the Houston metro. The Los Angeles-based multifamily investment firm established a Central U.S. regional headquarters in Dallas December 2020 under the direction of Metta.
TruAmerica Multifamily was founded in 2013 by Robert Hart. TruAmerica manages a portfolio of 59,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Tennessee, Texas, Utah, Idaho, New Mexico and Washington.
May 26, 2022 Realty News Report Copyright 2022
Photo: Courtesy TruAmerica
File: TruAmerica Multifamily Acquires Apartments
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File: Atlantic Pacific Communities. TruAmerica Multifamily Acquires Apartments on West Road in Houston. Robert Hart.