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TEXARKANA, TEXAS — A joint venture between two investment firms, New Jersey-based Reynolds Asset Management and Dallas-based Newport Capital Advisors, has purchased two multifamily properties in Texarkana, located near the Texas-Arkansas border. The sales price was $23 million. The properties include Westridge Apartments (176 units) and Park at Summerhill (184 units). The seller was not disclosed. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets.