Spirit Investment Partners and Strategic Value Partners have acquired an 895-unit multifamily portfolio in Texas from Resia. Financial terms of the off-market transaction were not disclosed.
The portfolio includes the 573-unit Resia Ten Oaks community in Houston and the 322-unit Resia Rayzor Ranch property in Denton.
Both properties were completed in 2024 and include amenities and finishes commonly associated with Class A multifamily communities.
The properties were delivered during a period of elevated new apartment supply, which affected leasing activity and operating performance despite their locations in growing Sunbelt markets.
Spirit plans to rebrand the communities, complete their lease-up programs and stabilize operations.
Spirit Management Services will become property manager for both assets. The affiliate specializes in managing properties undergoing operational transitions.
Oaktree provided acquisition financing, which JLL representatives Jamie Leachman and Carter Wroblewski arranged.
Strategic Value Partners manages approximately $21 billion and has invested more than $60 billion since its founding.
Spirit Investment Partners has acquired or developed more than 7,000 multifamily units with an estimated value exceeding $1.2 billion.
KEY QUOTES:
“This transaction reflects our strategy of investing in high-quality real assets where strong underlying fundamentals are overshadowed by periods of market dislocation.”
Mike Ungari, Global Head of Real Estate at Strategic Value Partners
“We’re finding more opportunities like these, where well-conceived projects ran into oversupply headwinds and struggled to reach stabilization.”
Tom Scott, Spirit Investment Partners
