Magma Equities and a global real estate fund managed by Macquarie Asset Management has acquired Bardin Greene, a 285-unit garden style multifamily property in the Dallas-Fort Worth Metro city of Arlington, TX from Moody National Companies in an off-market transaction.  

“Although the shifting landscape in today’s environment has sidelined numerous groups, we continue to identify recession-resilient assets that will prevail during the current and future economic headwinds,” said Magma’s Director of Investments Scott Ogilvie.  “We plan to remain nimble and hyper focused on granular submarket research, asset-viability analysis, and downside risk assessment as the foundation of our market selection and asset qualification process.   Our pipeline is as robust as it has ever been.” 

Bardin Greene, features a mix of one-, two- and three-bedroom units housed in 18, two-story residential buildings on a nearly 16-acre site at 300 Bardin Greene Drive.   Bardin Greene benefits from numerous demand drivers including a mature infill location with a limited supply pipeline in the immediate area as well as its proximity to a roster of major local and international corporations. It is nearby to some of the most popular entertainment, shopping, and dining venues in the city including the regional open air Arlington Highlands lifestyle center and the 1.5 million-square-foot The Parks Mall.

While excellently maintained and operated by the seller, the majority of the apartment homes have not been significantly upgraded since the property was built in 2001.    The Magma Equities-led joint venture will immediately commence a multimillion dollar capital renovation program that will include upgrades to unit interiors and improvements to the exterior and common areas.  Magma Equities also has engaged Austin, TX-based RPM to professionally manage the property, which will be repositioned to compete with higher priced communities in submarket.

While partnering with operating partners since 2009, this is Macquarie Asset Management’s first apartment joint venture. 

Bardin Greene increases Magma Equities’ multifamily holdings in DFW to nearly 4,000 units 

The acquisition was leveraged with attractive five-year financing from PCCP, which was arranged by Brian Eisendrath with IPA Capital Markets.

Magma Equities (“Magma”), in its first joint venture with Walker & Dunlop Investment Partners (“WDIP”), 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 multifamily investment company has invested approximately $667 million in assets located in Dallas, Houston, San Antonio, Fort Worth, and Austin.      

“Our focus on economic fundamentals in selecting target markets has led us to heavily invest in Texas, home to many of the nation’s top-performing and historically recession-resilient metros.  Both properties in the Moody portfolio are located in high-demand submarkets and benefit from numerous demand drivers including strong corporate migration, attractive amenity bases, excellent school systems, and proximity to the major employment centers within their respective MSAs,” said Magma’s Director of Acquisitions Scott Ogilvie.  “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.” 

The Magma-led joint venture plans to create added value through physical improvements and enhanced management operations.  Taking advantage of its in-going cost basis and the economy of scale from the operation of its large regional portfolio, Magma plans to significantly improve the living environment for its residents while still keeping rents affordable relative to newer product in the area, according to Ogilvie. 

Magma’s capital improvement plans call for a modernized interior renovation program and exterior upgrades to meet the market's demand for quality and maximize the market rents that can be achieved while staying below the competitive set for renovated product.

Built in 1990, Village at Bellaire consists of 580 one- and two-bedroom apartment homes housed in 25 three-story residential buildings on a 14.37-acre site. Community amenities include a clubhouse, two swimming pools, a hot tub and spa, a 24-hour state-of-the-art fitness center, a business center, and grilling and picnic areas. Located inside the 610 loop at 5454 Newcastle St. in southwest Houston, Village at Bellaire was 96% occupied at closing.

Completed in 2001, the 240-unit Lost Spurs Ranch comprises one-, two- and three-bedroom apartment homes across 12 three-story residential buildings on a 13.52-acre site. Community amenities include an oversized swimming pool, a 24-hour premium fitness center and half basketball court, a media room and Wi-Fi café, and a new playground. Located 17 miles north of downtown Fort Worth at 13450 Alta Vista Rd. in Roanoke, Lost Spurs Ranch was 99% occupied at the time of sale.

“Economic, demographic and market factors all put Texas multifamily firmly in the national investment limelight,” said WDIP President Mitchell Resnick. “We are pleased to seal this joint venture deal with Magma on such well-located assets in the Houston and Dallas-Fort Worth MSAs. This project has all the advantages along with tremendous additional upside potential.”

Manhattan Beach, CA-based Magma Equities (www.magmaequities.com) is a diversified real estate organization focused on re-positioning Class A & B apartment communities throughout the country. Magma strives to maximize returns for investors while providing residents with homes that are environmentally friendly, efficient, and state-of-the-art. Investment decisions are based on Magma's successful experience in the past, and more importantly, vision for the future.

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.”

Magma Equities (“Magma”) in joint venture with Prudent Growth Partners (“Prudent Growth”) has acquired Keystone Apartments (Keystone), a 202-unit multifamily community in Fayetteville NC, in an off-market transaction for $23.675 million.

Magma is one of the most active multifamily investors in North Carolina. Keystone is the firm’s 18th acquisition in the state over the past four years and its third acquisition in North Carolina this year.  

To facilitate its continued growth in the southeast and establish more operational oversight as the firm grows its local portfolio, Magma has opened a regional office in Charlotte under the direction of Chris Herrlinger, Director of Asset Management. 

“As we expand our investment platform in North Carolina and surrounding markets, it was a logical and inevitable step to have boots on the ground on in the state,” said Magma Founder and Managing Principal Ryan Hall. “Not only will we be able to better identify investment opportunities in key multifamily markets within the area, the new office allows us to further our current relationships there and develop new ones.”

Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone’s one- and two-bedroom apartment homes are housed in 28 two-story residential buildings on a low-density 19.13-acre site.

“This is a great addition to our multifamily portfolio and we are thrilled about partnering with Magma on this project,” said Tom Hahn, President of Prudent Growth. “This property is our fourth apartment buy in Fayetteville, and we are excited to be expanding our footprint there.”

The Magma-led joint venture plans to spend $1.5 million renovating units and improving the common areas (leasing office, fitness, pool area and other outdoor amenities) to better position the property to compete in this submarket, which continues to draft off of the growth in Raleigh-Durham.

“Keystone represents another opportunity to acquire a value-add opportunity with plenty of upside and potential for growth,” Herrlinger added. “With a limited supply of new construction in the pipeline and the market’s solid market dynamics, this property is an outstanding addition to our portfolio.”

Magma Equities (“Magma”) has acquired a portfolio of 1,361 multifamily units from Hilltop Residential. The high quality assets have a weighted-average vintage of 2007 and are located in several high-growth Texas markets, including Dallas/Fort Worth, Houston, and San Antonio. 

Each asset is located in a strong submarket with proximity to major employment drivers, top-tier school districts, and an abundant amenity base. Each community offers a wide variety of common area amenities including resort-style pools and spas, fitness centers, clubhouses, pet parks and package centers.   

The acquisition represents Magma’s entry into the San Antonio and Houston multifamily markets and expands its rapidly 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.”

“Multifamily has proven to be resilient during periods of volatility, and we believe these assets are poised for stable, growing cash flow with steady value appreciation over time” adds Ryan Hall, Founder and Managing Principal of Magma.

Magma is also under contract to close on another property in North Carolina later this year.

Hilltop Residential was advised by Institutional Property Advisors on the sale of the four assets in Texas. 

Magma Equities ("Magma"), in a joint venture with funds managed by Franklin Templeton (“Franklin Templeton”), has acquired Palencia Apartment Homes, a 281-unit apartment community in north Dallas, its fourth multifamily investment in the Dallas/Ft. Worth metro since opening a regional headquarters here late last year.

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 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.  Improvements will include the installation of stone countertops, stainless steel appliances (as needed), subway tile backsplashes, new cabinet fronts, modern lighting packages, and washer & dryers. 

The property is located at 17817 Coit Road in Plano West/North Dallas, one of Dallas-Fort Worth’s most rapidly growing submarkets. The property benefits from numerous demand drivers including the area’s highly ranked Plano Independent School District, upscale shopping, abundant dining and numerous outdoor recreational amenities. Located just south of the George Bush Turnpike and equidistant between I-75 and Dallas North Tollway, Palencia Apartment Homes affords residents access to many of the metroplex’s major employment hubs, including Downtown Dallas, Toyota Headquarters, Telecom Corridor, Legacy West, The Platinum Corridor, International Business Park and FedEx Corporate Campus. It is also situated on the DART/ UTD bus line, close to University of Texas at Dallas and the new Texas A&M Agricultural Campus.

With its roots in California and now with an office in Dallas, Magma continues to grow its multifamily portfolio, particularly throughout the Southwest and Southeast United States, focusing on both Class A and value-add Class B garden-style communities ranging in size from 150 to 400 units. Since mid-2021, the firm has opened new markets in Dallas, Charlotte, and Knoxville, TN, acquiring nearly $300 million in assets totaling 1,500+ units with an additional 2,000+ units closing in the near future. 

"In addition to a growth strategy that includes a wealth of experience in this asset class and a sophisticated investor base, our new Dallas office has allowed us to become nimbler and more responsive locally," said Magma Partner Tom Short who heads the Dallas office. “As a result, we have a robust pipeline of deals in Texas expected to close within the next few months that will more than double our holdings in the state.”

“Palencia represents what Franklin Templeton is looking to achieve with our strategy of buying high quality properties in partnerships with best-in-class operators like Magma,” said Tyler Brown, Vice President – Private Real Estate at Franklin Templeton.