Magma Equities, in its first joint venture with Walker & Dunlop Investment Partners, has acquired a two-property, 820-unit suburban value-add multifamily portfolio in Texas from Moody National Companies in an off-market transaction. 

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 investment company has invested approximately $667 million in assets located in Dallas, Houston, San Antonio, Fort Worth, and Austin.      

Magma’s Scott Ogilvie has more on the Texas market,  “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.”