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Magma Equities Acquires Two Multifamily Properties in Dallas/Ft. Worth
Opens regional headquarters in Dallas under the direction of Tom Short who joins the firm as partner
By: Magma Equities
To support its growing investment activities in Texas and the Central U.S., Magma has also announced that it has established a regional headquarters in Dallas, TX under the direction of Tom Short who has joined the firm as partner.
"No matter how large or sophisticated you are, real estate remains a local business," said Magma Managing Principal Ryan Hall. "The new Dallas office under Tom's leadership will help us to meet our goal of building a significant portfolio with several thousand units under management in the next 24 months," said Hall.
A graduate of Southern Methodist University, Short has spent his entire 13-year commercial real estate career in the Dallas/Fort Worth Metro, executing on approximately $2.2 billion in transactions. Prior to joining Magma, Short founded Arch Investment Group, which partnered with a family office to invest in multifamily and industrial real estate throughout Texas.
"While our focus will continue to be on value-add multifamily investments, we will also look at buying Class A communities as well," said Short. "We will be looking at opportunities between $20 million and $200 million in all major Texas markets with a specific focus on the Dallas/Fort Worth Metro in the near term. We are also looking to expand into other high growth markets in Colorado, Georgia, and Florida while continuing to add to our holdings in North Carolina and Tennessee."
Verandas at City View is a gated 314-unit apartment and townhome community located at 7301 Oakmont Boulevard in the Fort Worth suburb of Benbrook, nine miles southeast of downtown Fort Worth. Built in 2002, the property offers a variety of one,- two- and three-bedroom floor plans housed in 15 low rise residential buildings on a large 14.7-acre site. Common area amenities include clubhouse, swimming pool and spa, fitness and business centers.
Built in 1974, the 248-unit Vista Azul is located at 2911 Clydedale Drive, 10 miles north of Downtown Dallas. Encompassing an entire city block, the low-rise garden-style property consists largely of one- and two-bedroom apartment homes, with a clubhouse, fitness center and picnic and grilling areas.
Both properties were acquired in joint venture with long-time partner Cincinnati-based private equity real estate investment firm Viking Partners. The Magma-led JV will immediately begin a multimillion dollar capital improvement program to improve interiors, exteriors and common areas across the two-property portfolio.
"Texas has long been a target market for us and based on our previous experience with them in North Carolina and Tennessee, we trust in Magma to deliver in Texas risk adjusted yields that meet our return profile," added Viking Partners Principal Bret Caller.
About Magma Equities
Manhattan Beach, CA-based Magma Equities (http://www.magmaequities.com) is a diversified real estate organization focused on re-positioning Class A & B apartment communities throughout the country. Magma strives to maximize returns for investors while providing residents with homes that are environmentally friendly, efficient, and state-of-the-
ABOUT VIKING PARTNERS
Viking Partners was founded in 2008 and has acquired approximately $1.2 billion of real estate across all asset types including multifamily, office, retail, hospitality, and industrial/flex. Headquartered in Cincinnati, Viking Partners is currently seeking acquisition opportunities in the Midwest, Mid-Atlantic, Southeast, Southwest, and Mountain West.
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