Michelle Weyenberg
TruAmerica Multifamily acquired Cannon Oaks, a 230-apartment home community located just seven miles from downtown Austin. Completed in 2003, Cannon Oaks features a mix of two-, three- and four- bedroom apartment homes averaging 1,000 square feet.
Cannon Oaks is TruAmerica’s 10th investment in Texas and its third in the Austin metro and brings its local portfolio to nearly 1,000 units. The Los Angeles-based multifamily investment firm established a Dallas regional headquarters in December 2020 under the direction of Metta.
Property: Cannon Oaks, a 230-apartment home community, located at 2302 E. William Cannon Dr.
Buyer: TruAmerica Multifamily
Seller and Price: The seller and sales price were not disclosed
Through its multimillion-dollar capital improvement program, TruAmerica plans to improve the property’s curb appeal and renovate interior units, including new quartz countertops, 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.
“Austin continues to be a very popular city for renters and that has translated into really strong apartment absorption last year and record rent growth,” said Ammanuel Metta, senior director at TruAmerica. “This well-located asset in Southeast Central Austin allows us to not only tap into that growth, but also seize a very promising value-add opportunity given that approximately 87% of the units at Cannon Oaks are still in classic condition.”
The acquisition of Cannon Oaks comes on the heels of TruAmerica’s acquisition of Rancho Mirage, a 310-apartment home community in the Dallas/Fort Worth submarket of Irving.
About TruAmerica Multifamily
TruAmerica Multifamily is a vertically integrated, value-add multifamily investment firm based in Los Angeles. Since its founding in 2013 by Robert Hart, TruAmerica has been one of the country’s most active multifamily investors and manages a portfolio of approximately 59,000 units across prime locations throughout Arizona, California, Colorado, Florida, Georgia, Massachusetts, Maryland, North Carolina, Nevada, Oregon, Ohio, Tennessee, Texas, Utah, Idaho, New Mexico and Washington.
