HOUSTON — Southern California-based investment firm Magma Equities has purchased Village at Bellaire, a 580-unit apartment community in West Houston. Built in 1990, Village at Bellaire consists of 25 three-story buildings that house one- and two-bedroom units on a 14.4-acre site. Residences are furnished with stainless steel appliances, brushed nickel hardware, granite countertops and full-size washers and dryers. Select apartments also offer private balconies/patios. The amenity package consists of two pools, a fitness center, outdoor grilling and dining stations, clubhouse, game room, business center and package concierge services. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners and Pacific Life as part of a $189 million off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price.
Village at Bellaire in Houston totals 580 units. The property was built in 1990.
Magma Equities Buys 580-Unit Village at Bellaire Apartments in West Houston
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