Magma Equities, Viking Partners Buy Two Multifamily Assets Totaling 562 Units in Dallas-Fort Worth
DALLAS AND BENBROOK, TEXAS — California-based investment firm Magma Equities has purchased two multifamily assets totaling 562 units in the Dallas-Fort Worth metroplex. Vista Azul is a 248-unit property located about 10 miles north of downtown Dallas that was built in 1974. Verandas at City View is a 314-unit community in the Fort Worth suburb of Benbrook that was constructed in 2002. The new ownership, which acquired both properties in a joint venture with Cincinnati-based private equity firm Viking Partners, plans to implement value-add programs at both communities. Magma Equities is also establishing a regional headquarters office in Dallas.