Investors still want a piece of the Texas multifamily market, even though interest rates are going up and rents aren't going up as fast as they used to. Check out Houston Area Rentals Here
Pacific Life, Walker & Dunlop Investment Partners, and Magma Equities all put in $189 million to buy two apartment complexes in the cities of Houston and Dallas-Fort Worth.
The joint venture bought The Village at Bellaire, a 580-unit apartment complex in the wealthy Houston neighborhood of Bellaire, and Lost Spurs Ranch, a 240-unit property in Roanoke, near the Dallas-Fort Worth metroplex.
The president of Walker & Dunlop, Mitchell Resnick, said that this investment shows that the company still believes in the stability and growth potential of multifamily properties across the country. "Magma has a long history of bringing a higher level of professionalism to the way apartment complexes are run. This makes them a very appealing sponsor, and we're happy to work with a leader in their field to add value to these properties in two of Texas' biggest cities.
The seller, whose name was kept secret, used to own and run the properties.
Walker & Dunlop, which is based in Maryland, works in the Texas market. In April, the company helped Tides buy the MARQ at Mueller for $30 million. This building is near the University of Texas at Austin.
Walker & Dunlop is also a part of Good + West's $150 million plan to build a build-to-rent portfolio in Dallas and Austin. Good + West is an Austin-based development company.