JV MAKES VARSITY MOVE
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|AREA Property Partners, in a JV with Wood Partners, has acquired a fully occupied multifamily portfolio of nine properties with 2,589 units in Texas. Five properties are in DFW (including The Estates at North Richland Hills, pictured), three in Houston, and one in San Antonio. The seller and purchase price were not disclosed. AREA Property Partners global CEO Lee Neibart says the acquisition expands AREA's presence in a region, projected to rank among the top multifamily markets in the next few years. He adds, this portfolio offers best-in-class product in well-located submarkets with strong demographics. To close the Texas portfolio deals, both companies mobilized their respective national resources, including Wood's on-the-ground development and construction teams (based in Dallas and Houston) and AREA's national property management team to perform due diligence to expedite the transaction.|