Walker & Dunlop today announced a joint venture between Walker & Dunlop Investment Partners, Pacific Life and Magma Equities in the $189 million acquisition of an 820-unit apartment portfolio in Texas. The properties include The Village at Bellaire, a 580-unit apartment community in Houston and Lost Spurs Ranch, a 240-unit property in Roanoke.
“Utilizing funds from a programmatic JV we created with Pacific Life, this investment underscores our continued confidence in the stability and growth potential of multifamily properties across the country,” said WDIP President Mitchell Resnick. “Magma has a long track record of bringing a heightened level of professionalism to the management of apartment communities. This makes them a very attractive sponsor and we’re excited to partner with such an industry leader to create value at these properties in two of Texas’ biggest metros.”
The properties were both previously owned and operated by the seller. Upon acquisition, Magma plans to commence a significant value-add campaign to the two residential communities, renovating interiors, bringing rents up to market rates, and creating additional revenue streams at each property.
“With upside potential in each property and strong supply and demand dynamics in both markets, these assets are very strong additions to our Texas portfolio,” said Magma Equities Director of Acquisitions Scott Ogilvie. “Because of our proven platform and our strong relationships across the industry, we are seeing a strong pipeline of compelling investment opportunities, and we aim to continue growing our multifamily holdings across the Sunbelt in the coming years.”
About Walker & Dunlop Investment Partners
Walker & Dunlop Investment Partners (“WDIP”) is an alternative investment manager that provides capital solutions to middle-market commercial real estate sponsors. Investing on behalf of insurance companies, public pension funds, endowments, foundations, family offices, and high-net worth individuals, WDIP partners with sponsors whose transactions are in need of financing but are under-served by institutional capital. The Denver, Colorado-based firm’s investment vehicles focus on opportunistic, value-add, and income-oriented commercial real estate strategies. As a wholly owned subsidiary of Walker & Dunlop, one of the largest commercial real estate finance companies in the United States, WDIP has unmatched access to proprietary resources and market intelligence. This partnership offers clients unique, real-time insights into market movements, valuation, pricing, and underwriting. For more information, visit www.wdinvestmentpartners.com.
All investments have risk of loss and WDIP cannot guarantee any investment strategy will achieve its goals and objectives. Nothing herein is an offer to sell any security, including an interest in any private fund.
About Pacific Life
For more than 150 years, Pacific Life has helped millions of individuals and families with their financial needs through a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative products and services that provide value and financial security for current and future generations. Pacific Life counts more than half of the 100 largest U.S. companies as its clients and has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2021 is compiled by Pacific Life using the 2021 FORTUNE 500® list.
About Walker & Dunlop
Walker & Dunlop (NYSE: WD) is one of the largest providers of capital to the commercial real estate industry, enabling real estate owners and operators to bring their visions of communities — where Americans live, work, shop and play — to life. The power of our people, premier brand, and industry-leading technology makes us more insightful and valuable to our clients, providing an unmatched experience every step of the way. With over 1,300 employees across every major U.S. market, Walker & Dunlop has consistently been named one of Fortune‘s Great Places to Work® and is committed to making the commercial real estate industry more inclusive and diverse while creating meaningful social, environmental, and economic change in our communities.
