A joint venture between Magma Equities and Viking Partners has acquired two properties in Dallas and Fort Worth, in two separate off-market transactions. The partnership plans to renovate both assets.
Built in 2002, the 314-unit Verandas at City View features a mix of one- to three-bedroom floorplans, ranging from 637 square feet to 1,637 square feet, across 17 two- and three-story buildings, according to Yardi Matrix data. Community amenities include a fitness center, business center, clubhouse, pool and spa. A total of 750 parking spaces are also available on the 14.7-acre site.
Located at 7301 Oakmont Blvd. in the Benbrook suburb of Fort Worth, Verandas at City View is 9 miles southwest of downtown Fort Worth. Several dining, retail and entertainment options are available within a 2-mile radius.
The other property is Vista Azul, a 248-unit asset built in 1974. Vista Azul has one- and two-bedroom floorplans, ranging between 500 square feet and 1,040 square feet, according to the same data provider. The two- and three-story property occupies an entire city block. Community amenities include a clubhouse and fitness center. Grilling stations and 510 parking spaces are also available. Yardi Matrix shows that the community last traded in 2016 for $30.3 million.
Situated at 2911 Clydedale Drive, Vista Azul is some 10 miles north of downtown Dallas and around 4 miles from Dallas Love Field Airport. Parkland Hospital and other medical centers are 5 miles southeast of the property. Bachman Lake and several dining options are also available 1 mile in the same direction.
Magma expects to close three other acquisitions in the Metroplex by year-end. The company also established its regional headquarters in Dallas, under Tom Short’s leadership. Short recently joined the company as partner.
Together with Viking Partners, Magma intends to spend between $20 million and $200 million on multifamily properties across major Texas markets, with a specific focus on Dallas-Fort Worth, according to Short. The firm also targets other high-growth markets in Colorado, Georgia and Florida, while continuing to add assets to its North Carolina and Tennessee portfolios, Short mentioned in a prepared statement.