Spirit Investment Partners has teamed with Strategic Value Partners LLC on the off-market acquisition of an 895-unit Texas-based portfolio from Resia, the US multifamily real estate and modular manufacturing subsidiary of the Brazilian homebuilder MRV&Co.
The portfolio comprises of the 573-unit Resia Ten Oaks community in Houston and the 322-unit Resia Rayzor Ranch community in Denton, Texas; both properties were completed in 2024.
The terms of the transaction were not disclosed. In a statement, the companies said the properties were “delivered during a temporary period of elevated new supply that ultimately impacted lease up and operating performance.”
Spirit will rebrand the properties, complete the lease up and stabilize operations. Affiliate Spirit Management Services, specializing in managing transitional assets, will take over as property manager for both the Resia Ten Oaks and Resia Rayzor Ranch properties.
“This transaction reflects our strategy of investing in high-quality real assets where strong underlying fundamentals are overshadowed by periods of market dislocation,” said Mike Ungari, global head of real estate at Strategic Value Partners. “Furthermore, by partnering with experienced operators like Spirit, to source proprietary opportunities, we are able to move quickly on compelling investment opportunities and create long-term value through a combination of thoughtful capital and active asset management.”
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