California-based Magma Equities has acquired two more Texas apartment buildings.
The real estate investment firm, which now has 11 properties in the Texas market, has purchased the Lost Spurs in Dallas-Fort Worth and the Village at Bellaire in Houston.
The Lost Spurs has 240 units in the DFW suburb of Roanoke. It has a business center, a clubhouse, a picnic area, a fitness center, detached garages, and a pool.
The Village at Bellaire is, of course, located in the affluent Houston suburb of Bellaire,. It only has a population of a little over 17,000 people but has a median household income of over $200,000 and a median home price of $1,051,154, which is 10.4 percent higher than last year, according to Zillow.
The 600-unit Village at Bellaire also features a resort-style pool, a BBQ/picnic area, a business center, a clubroom, and multi-level parking garages.
While the financial terms of the deal were not disclosed, the transaction was brokered by Maryland-based commercial property company Walker & Dunlop, which has also facilitated BFR projects throughout Texas.
Across Texas, rising home costs are forcing many would-be homebuyers into the rental market, pushing rents up. But the demand for rental units recently started to drop in the DFW for the first time in five years.
Of Magma’s 11 Texas properties, eight are in the Dallas-Fort Worth area and surrounding suburbs, including Lost Spurs.
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