PCCP and RPM Living buy a 358-unit Arlington apartment community

A joint venture of PCCP and RPM Living Investments has bought Truman at Arlington Commons, a 358-unit apartment community in Arlington, Texas. Connect CRE reports the seller was The Nehemiah Company, the property's original developer. No sales price was disclosed.

The building went up in 2021. It is a four-story property at 505 E Lamar Boulevard, and its apartments average 807 square feet. Unit sizes run from 576 to 1,594 square feet. Ceilings are ten feet throughout, with some units reaching 14 feet — uncommon in this market. About 4,900 square feet of ground-floor retail belongs to Nehemiah Coffee Company. The tenant shares the seller's name.

The location is the draw. North Arlington sits in the central pocket of the Dallas-Fort Worth metroplex, with direct access to Interstate 30. AT&T Stadium, Globe Life Field and Texas Live! anchor the nearby entertainment district, which draws more than 50 million visitors a year, the report says. That traffic supports the area's main employment and entertainment districts, and the report describes the pocket as a steady draw for renters. It is a full-time economy, not a game-day one.

The acquisition is PCCP's latest Texas allocation. The firm manages about $29.3 billion for institutional investors. The transaction is simple: an amenitized, mid-rise community in a high-traffic corridor, passing from its original developer to a well-capitalized joint venture. The seller exits about five years after completion, a conventional hold for this kind of build-to-core investment. There is no distress, no lender complexity, no repositioning angle. The week is a busy one for apartments; Private Real Estate Daily separately reported that GO Residential led a $4.8 billion five-way breakup of H&R REIT's apartment portfolio.