Paramus, New Jersey-based Reynolds Asset Management has acquired two multifamily properties in Texarkana, Texas, for $23 million.
The 360-unit acquisition is a joint venture with Jeff Juster’s Newport Capital Advisors LLC. The two companies plan to invest $3 million into renovations and enhancements of the properties. This marks Reynolds’ first acquisition in the Texas housing market.
“Not only is Texarkana a great place to live, but it’s also a city which checks all of our boxes when it comes to key metrics – strong employment and incomes, low supply of inventory, and high barriers to entry for new construction,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “It also happens to be at the intersection of three main highways, which is great for commuting and businesses alike. We are excited to be injecting fresh life into these great properties, and to be a part of the growth story happening in Northeast Texas.”
Photo: 700 Sowell Lane in Texarkana, one of the two Texas properties acquired by Reynolds Asset Management; photo courtesy of LoopNet
;
