Magma Equities Acquires 281-Unit Apartment Community in Dallas
Magma Equities, a California-based real estate company that focuses on repositioning apartment communities nation-wide, in a joint venture with funds managed by Franklin Templeton, has acquired Palencia Apartment Homes, a 281-unit apartment community in north Dallas. This is the firm’s fourth multifamily investment in the Dallas/Ft. Worth metro since opening a regional headquarters here late last year. The transaction amount was not disclosed.
Palencia Apartment Homes’ studio, one- and two-bedroom apartment homes are housed in nine three-story residential buildings on a 9.61-acre site. Common area amenities include two swimming pools, a clubhouse, fitness center, business center, and picnic and grilling area. The apartment complex is located at 17817 Coit Road.
The Magma led joint venture plans to create value through improved management operations and physical improvements to approximately half the units that have not been significantly upgraded since the project was constructed in 1996.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. Erik also worked six years in CRE public relations with Los Angeles-based Hoyt Organization, where he was a Senior Account Executive. He later joined Lee & Associates where he served as the Director of Corporate Communications. There ,in addition to his work with Lee’s CEO, he managed 57 offices nationwide and provided PR, social media and media training for the offices. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.
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