News Magma, Viking Partners Acquire 2 Texas Communities By Editor On Nov 25, 2021 Share Magma, Viking Partners Acquire 2 Texas Communities AcquireCommunitiesMagmaPartnersTexasViking Share FacebookTwitterGoogle+ReddItWhatsAppPinterestEmail
 100vw, 300px “/> Verandas overlooking the city. Image courtesy of Magma</p>
<p>A joint venture between Magma Equities and Viking Partners has acquired two properties in Dallas and Fort Worth in two separate off-market transactions. The partnership plans to renovate both facilities. </p>
<p>The 314-unit Verandas at City View, built in 2002, have a mix of one- to three-room floor plans ranging from 637 square feet to 1,637 square feet, spread across 17 two- and three-story buildings, according to Yardi Matrix data. Communal facilities include a fitness center, business center, clubhouse, pool, and spa. A total of 750 parking spaces are available on the 14.7 hectare site.</p>
<p>Located at 7301 Oakmont Blvd. In the Benbrook suburb of Fort Worth, Verandas at City View is 9 miles southwest of downtown Fort Worth. Several restaurants, retail and entertainment options can be found within 2 miles.</p>
<p>The other property is Vista Azul, a property built in 1974 with 248 units. Vista Azul has one- and two-bedroom floor plans between 500 square feet and 1,040 square feet, according to the same data provider. The two- and three-story building occupies an entire city block. Communal facilities include a clubhouse and fitness center. Barbecue stations and 510 parking spaces are also available. Yardi Matrix reveals the community was last traded for $ 30.3 million in 2016.</p>
<p>Vista Azul is located at 2911 Clydedale Drive, ten miles north of downtown Dallas and four miles from the Dallas Love Field Airport. Parkland Hospital and other medical centers are 5 miles southeast of the property. Bachman Lake and several restaurants are also one mile in the same direction.</p>
<h2>looking ahead</h2>
<p>Magma expects to complete three more acquisitions in the Metroplex by the end of the year. The company also established its regional headquarters in Dallas under the direction of Tom Short. Short recently joined the company as a partner.</p>
<p>Together with Viking Partners, Magma plans to spend between $ 20 million and $ 200 million on apartment buildings in key Texan markets, according to Short, with a particular focus on Dallas-Fort Worth. The company is also targeting other high-growth markets in Colorado, Georgia and Florida, while adding assets to its portfolios in North Carolina and Tennessee, as Short mentioned in a prepared statement.</p>
<p>[ad_1]</p>
<blockquote class=)
