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Magma Equities Acquires 1,361-Unit Texas Multifamily Portfolio
Magma Equities, a Manhattan Beach, CA-based real estate company that repositions Class A and B apartment communities nationwide, has acquired a portfolio of 1,361 multifamily units from Hilltop Residential. The majority of the acquisitions are in the Dallas/Fort Worth, Houston, and San Antonio markets.
The acquisition represents Magma’s entry into the San Antonio and Houston multifamily markets and expands its growing portfolio in the Dallas/Fort Worth metro to approximately 2,000 units. To accommodate its planned growth in Texas, the firm established a regional headquarters in Dallas late last year under the direction of partner Tom Short.
“We are excited to close on the Texas portion of the portfolio,” said Short. “This portfolio is an excellent representation of our strategy to acquire high quality assets in top markets in the Sunbelt. We will continue to target properties with a similar profile.”
Hilltop Residential was advised by Institutional Property Advisors on the sale of the four assets in Texas.
- ◦Sale/Acquisition
