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4/15/22
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Magma Equities has acquired a portfolio of 1,361 multifamily units in Texas from Hilltop Residential. The high-quality assets have a weighted-average vintage of 2007 and are located in several high-growth markets, including Dallas/Fort Worth, Houston, and San Antonio.
Each asset is located in a strong submarket with proximity to major employment drivers, top-tier school districts, and an abundant amenity base. Each community offers a wide variety of common area amenities including resort-style pools and spas, fitness centers, clubhouses, pet parks and package centers.
The acquisition represents Magma’s entry into the San Antonio and Houston multifamily markets and expands its rapidly growing portfolio in the Dallas/Fort Worth metro to approximately 2,000 units. To accommodate its planned growth in Texas, the firm established a regional headquarters in Dallas late last year under the direction of partner Tom Short.
“Multifamily has proven to be resilient during periods of volatility, and we believe these assets are poised for stable, growing cash flow with steady value appreciation over time," adds Ryan Hall, Founder and Managing Principal of Magma.
Hilltop Residential was advised by Institutional Property Advisors on the sale of the four assets in Texas. Magma is also under contract to close on another property in North Carolina later this year.
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