Magma Equities Acquires 240-Unit Apartment Complex in Roanoke, Texas

ROANOKE, TEXAS — Southern California-based investment firm Magma Equities has acquired Lost Spurs Ranch, a 240-unit apartment complex located north of Fort Worth in Roanoke. Built in 2001, the property comprises 12 three-story buildings that house one-, two- and three-bedroom units on a 13.5-acre site. The amenity package comprises a pool, fitness center, basketball court, playground and a media room. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners as part of a larger off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price. Lost Spurs Ranch, which was acquired in conjunction with the 580-unit Village at Bellaire in Houston, was 99 percent occupied at the time of sale.