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Magma Equities Teams with Walker & Dunlop Investment Partners on 820-Unit MF Portfolio in Texas
By: Magma Equities
The purchase of the 580-unit Village at Bellaire in Houston and the 240-unit Lost Spurs Ranch in the Fort Worth submarket of Roanoke, brings the firm'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 Southern California-based multifamily investment company has invested approximately $667 million 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 Magma-led 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, according to Ogilvie.
"Economic, demographic and market factors all put Texas multifamily firmly in the national investment limelight," said WDIP President Mitchell Resnick. "We are pleased to seal this joint venture deal with Magma on such well-located assets in the Houston and Dallas-Fort Worth MSAs. This project has all the advantages along with tremendous additional upside potential."
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-
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