Spirit Investment Partners Acquires 895-Unit Texas Portfolio From Resia

Spirit Investment Partners, in partnership with Strategic Value Partners, announced the off-market acquisition of an 895-unit multifamily portfolio from Resia, the U.S. multifamily real estate and modular manufacturing subsidiary of Brazil’s largest homebuilder, MRV & Co.

The portfolio includes the 573-unit Resia Ten Oaks community in Houston and the 322-unit Resia Rayzor Ranch community in Denton, Texas. The companies did not disclose the transaction terms.

According to the release, both properties were completed in 2024 and feature modern amenities and finishings associated with Class A properties. The communities are located in Sunbelt markets but were delivered during a period of elevated new supply that impacted lease up and operating performance.

Mike Ungari, Global Head of Real Estate at SVP, said in the announcement, “This transaction reflects our strategy of investing in high-quality real assets where strong underlying fundamentals are overshadowed by periods of market dislocation. 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.”

Spirit Investment Partners will rebrand the properties, complete the lease up and stabilize operations. Spirit Management Services, an affiliate specializing in managing transitional assets, will take over as property manager for both communities.

Tom Scott of Spirit Investment Partners, who sourced the transaction, stated, “We’re finding more opportunities like these, where well conceived projects ran into oversupply headwinds and struggled to reach stabilization. In partnership with SVP, we have the capital and the flexibility to solve these problems for property owners quickly and discretely for the right opportunities. This is only the beginning of what we expect to be an active period of growth for Spirit.”

Oaktree provided the acquisition financing for the portfolio. Jamie Leachman and Carter Wroblewski from JLL arranged the financing.