Park-Texas-Apartments-Houston

Auerbach, Blue Magma Acquire Hurricane-Damaged Apartment Complex in Houston

by Taylor Williams

HOUSTON — A partnership between New York-based Auerbach Funds and Tampa-based Blue Magma Residential has acquired Park Texas Apartments, a 587-unit multifamily complex located within a tax increment reinvestment zone in southeast Houston. Approximately 250 units have been damaged by hurricane activity and are currently uninhabitable. The new ownership will restore the damaged units, renovate the clubhouse, perform roofing and mechanical repairs and upgrade the landscaping and common areas. The seller was not disclosed.

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