Magma Equities, Macquarie JV acquire garden-style multifamily property in Texas

Magma Equities and a global real estate fund managed by Macquarie Asset Management have acquired a 285-unit garden-style multifamily property in the Dallas-Fort Worth metro city of Arlington, Texas.

Moody National Companies sold the asset, known as Bardin Greene, in an off-market transaction. Financial terms were not disclosed.

Bardin Greene features a mix of one-, two- and three-bedroom units housed in 18 two-story residential buildings. The property 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 close 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.

Magma Equities said the majority of the apartments have not been significantly upgraded since the