WDIP, Pacific Life and Magma Equities acquire $189m Texas multifamily portfolio

Walker & Dunlop has formed a joint venture between Walker & Dunlop Investment Partners (WDIP), 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 joint venture we created with Pacific Life, this investment underscores our continued confidence in the stability and growth potential of multifamily properties across the country,” said Mitchell Resnick, WDIP president. “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