Three Pillars Capital Group, a vertically integrated private equity firm specializing in Class B and C multifamily, today announced the acquisition of a 544-unit apartment community in Houston, Texas. 

Magma Equities ("Magma") in joint venture with Prudent Growth Partners ("Prudent Growth") has acquired The Oaks Apartment Homes (“The Oaks”), a 111-unit garden-style multifamily community in the Charlotte metro submarket of Lincolnton, NC, in an off-market transaction for $17.75 million. Proving to be one of the most active multifamily investors in North Carolina, Magma has made its 20th acquisition in the state over the past four years and fifth purchase in 2022.

“We definitely see a changing dynamic in the multifamily market, which has resulted in a widening disconnect between sellers and buyers,” said Magma Founder and Managing Principal Ryan Hall.   “However, our time and experience in the markets in which we invest, like North Carolina, has allowed us to unearth opportunities and buy at a price that pencils for both us and the seller.  We have a longer term, robust picture of multifamily here in Charlotte and statewide, and we will continue to move forward here.” 

Completed in 2002, The Oaks consists of one-, two- and three-bedroom apartment homes housed in 8 two-story residential buildings on an 11.66-acre site. Community amenities include a fitness center, basketball court, grilling area, playground and a dog park. The community was 97% leased at closing.

“The Charlotte metro has demonstrated stout fundamentals, both economically and demographically, that will support sustained growth even through these inflationary times,” added Magma’s Director of Asset Management Chris Herrlinger, who heads up the company’s new regional office in Charlotte. “That’s why we are so bullish on this market and continue to look for ways to expand our presence while adding value to these prime investment opportunities.”

“We are excited to be partnering with Magma Equities on another multifamily deal in the Carolinas,” said Tom Hahn, President of Prudent Growth. “This is a great property in a strong location, and it should provide immediate cash flow combined with longer term upside through some value-add opportunities.”

HOUSTON, July 6, 2022: Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, announces the acquisition of The Moorings, a 201-unit apartment community in Houston, Texas.

Tampa, Fla. – Privately-held real estate investment firm 29th Street Capital (29SC) has acquired Bay Crossing Apartments. The transaction marks the firm’s eighth multifamily acquisition in the Tampa Bay area and its 10th overall in Florida.

The 198-unit 2050 Morningside is located just 15 minutes from downtown Atlanta

The 198-unit 2050 Morningside is located just 15 minutes from downtown Atlanta

Berkadia announces it has arranged the sale and finance of Creekside Villas at Clear Lake, a 202-unit workforce housing community in Houston, Texas. Managing Directors Joey Rippel and Chris Young, Director Kyle Whitney, Managing Director Jeffrey Skipworth and Senior Managing Directors Chris Curry and Todd Marix of Berkadia Houston represented the seller, ClearWorth Capital, a multifamily owner/operator based in Addison, Texas.

Addison Partners, a real estate investment firm focused on acquiring well-located multifamily properties in strategic growth markets in the Southeast, today announced it has sold Sharlton Manor Apartments, a 57-unit apartment community in Hickory, N.C. The buyer and the sales price were not disclosed.

Crescent Point, a 62-unit apartment community in Olympia, WA has traded for $21.25 million ($342K per unit), according to Ryan Kidwell of The Mogharebi Group who represented the buyer  in the off-market transaction.