The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 6, 2022
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Magma Equities and Walker & Dunlop Investment Partners Close on 820-Unit Texas Multifamily Purchase

10/19/22

Magma Equities, in its first joint venture with Walker & Dunlop Investment Partners, has acquired a two-property, 820-unit suburban value-add multifamily portfolio in Texas from Moody National Companies in an off-market transaction. The acquisition includes the 580-unit Village at Bellaire in Houston and the 240-unit Lost Spurs Ranch in the Fort Worth submarket of Roanoke.

Lost Spurs Ranch, Roanoke, TX
Lost Spurs Ranch, Roanoke, TX
This deal brings Magma’s Texas assets under management to 3,440 units. Since establishing a regional headquarters in Dallas in November 2021 to support its growing investment activities in Texas, the SoCal-based multifamily investment company has invested approximately $667 mil in assets located in Dallas, Houston, San Antonio, Fort Worth, and Austin.

“Our focus on economic fundamentals in selecting target markets has led us to heavily invest in Texas, home to many of the nation’s top-performing and historically recession-resilient metros. Both properties in the Moody portfolio are located in high-demand submarkets and benefit from numerous demand drivers including strong corporate migration, attractive amenity bases, excellent school systems, and proximity to the major employment centers within their respective MSAs,” said Magma’s Director of Acquisitions Scott Ogilvie. “The state’s economic diversity, business-friendly environment, and relative affordability compared to other major markets around the country make Texas an attractive place to live and work, which bodes well for multifamily investment, even during economic headwinds.”

The joint venture plans to create added value through physical improvements and enhanced management operations. Taking advantage of its in-going cost basis and the economy of scale from the operation of its large regional portfolio, Magma plans to significantly improve the living environment for its residents while still keeping rents affordable relative to newer product in the area. The capital improvement plans call for a modernized interior renovation program and exterior upgrades to meet the market's demand for quality and maximize the market rents that can be achieved while staying below the competitive set for renovated product.

Built in 1990, Village at Bellaire consists of 580 one- and two-bedroom apartment homes housed in 25 three-story residential buildings on a 14.37-acre site. Community amenities include a clubhouse, two swimming pools, a hot tub and spa, a 24-hour state-of-the-art fitness center, a business center, and grilling and picnic areas. Located inside the 610 loop at 5454 Newcastle St in southwest Houston, Village at Bellaire was 96% occupied at closing.

Completed in 2001, the 240-unit Lost Spurs Ranch comprises one-, two- and three-bedroom apartment homes across 12 three-story residential buildings on a 13.52-acre site. Community amenities include an oversized swimming pool, a 24-hour premium fitness center and half basketball court, a media room and Wi-Fi café, and a new playground. Located 17 miles north of downtown Fort Worth at 13450 Alta Vista Rd in Roanoke, Lost Spurs Ranch was 99% occupied at the time of sale.





Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2022 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media