Macquarie Asset Management (MAM) announced today that, Macquarie Real Estate Partners (MREP), a global opportunistic real estate fund managed by MAM, and Southern California-based investment firm Magma Equities (Magma) formed a joint venture and acquired Bardin Greene, a multifamily residential investment in the Dallas-Fort Worth (DFW) market.
Bardin Greene is a 285-unit garden style multifamily property, built in 2001 and located in the Arlington submarket within DFW. DFW is one of the fastest growing metro areas in the US due to the combination of its strong job and population growth, business friendly nature and affordability. Bardin Greene benefits from being in a mature infill location with a limited supply pipeline in the immediate area. The property is located adjacent to a roster of major local and international corporations in manufacturing, transportation, higher education, financial services, and professional sports, among other sectors. It is nearby to some of the most popular entertainment, shopping, and dining venues in the city.
“This transaction underlines Macquarie Asset Management’s conviction in the U.S. multifamily housing sector, providing us with an ability to purchase a well-located asset that we can further improve with value-add initiatives,” said James Fogarty, Managing Director Real Estate, Macquarie Asset Management. “The supply and demand characteristics of DFW are very attractive which we were drawn to. We were then able to quickly move and acquire Bardin Greene.”
“Multifamily has proven to be resilient during periods of volatility. We firmly believe in the near- and long-term growth of the Dallas-Fort Worth Metro as it remains one of the top regions in the nation for business and in-migration,” said Ryan Hall, Founder and Managing Principal of Magma. “As a result, with the purchase of Bardin Greene, we have increased our multifamily holdings in DFW to 2,500 units and are looking to more than double that in the metro in the near term.”
About Magma Equities
Manhattan Beach, CA-based Magma Equities is a diversified real estate organization focused on re-positioning Class A & B apartment communities throughout the country. With approximately $1.5 billion of assets under management located in 6 states totaling more than 8,500 units. Investment decisions are based on Magma’s successful experience in the past, and more importantly, vision for the future.
