Magma Equities Acquires Multifamily Properties in Roanoke and Houston
Magma Equities, led by Tom Short, Ryan Hall, and Scott Ogilvie, purchases two multifamily properties in Roanoke and Houston with a total of 820 units and 806,512 square feet.
Magma Equities, a real estate investment firm led by Tom Short, Ryan Hall, and Scott Ogilvie, has recently acquired two multifamily properties in Roanoke and Houston. The properties, located at 13450 Alta Vista Rd and 5454 Newcastle St, comprise a total of 820 units and 806,512 square feet. The deal was brokered by Taylor Hill of Institutional Property Advisors (IPA), and the mortgage was arranged by Harry Krieger of CBRE.
The multifamily properties are strategically located in two thriving markets. Roanoke, a city in Denton County, Texas, is part of the Dallas-Fort Worth metropolitan area, one of the fastest-growing regions in the United States. Houston, the largest city in Texas, is a major economic and cultural hub with a strong demand for rental housing.
The property at 13450 Alta Vista Rd is a Class A multifamily community with 400 units and 392,000 square feet. The property features a mix of one-, two-, and three-bedroom apartments, as well as a range of amenities including a swimming pool, fitness center, and clubhouse. The property is currently 95% occupied, indicating strong demand in the area.
The property at 5454 Newcastle St is a Class B multifamily community with 420 units and 414,512 square feet. The property offers a mix of one- and two-bedroom apartments and features amenities such as a business center, playground, and laundry facilities. The property is currently 90% occupied, demonstrating steady demand in the market.
Magma Equities, known for its expertise in value-add investments, plans to implement a comprehensive renovation and repositioning strategy for both properties. The firm aims to enhance the overall tenant experience and increase rental income by upgrading unit interiors, improving common areas, and adding new amenities.
Taylor Hill, the broker from Institutional Property Advisors (IPA), played a crucial role in facilitating the transaction. With his deep knowledge of the local market and extensive network of investors, Hill was able to identify the opportunity and connect Magma Equities with the seller. Hill’s expertise in multifamily properties and his ability to negotiate favorable terms for his clients were instrumental in closing the deal.
Harry Krieger of CBRE arranged the mortgage for the acquisition. Krieger, a seasoned mortgage broker with a strong track record in the commercial real estate industry, secured competitive financing terms for Magma Equities. His expertise in navigating the complex mortgage market and his ability to structure deals that meet the specific needs of his clients were key factors in the successful financing of the transaction.
The acquisition of these multifamily properties aligns with Magma Equities’ investment strategy of acquiring well-located assets with value-add potential. The firm’s experienced team, combined with its disciplined approach to underwriting and asset management, positions Magma Equities for success in the Roanoke and Houston markets. As the demand for rental housing continues to grow in these thriving cities, Magma Equities is well-positioned to capitalize on the strong market fundamentals and generate attractive returns for its investors.