Moody National Companies, a full-service commercial real estate company, has announced the sale of Lost Spurs Ranch and the Village at Bellaire apartment communities for a combined total of $172 million. The two properties were sold separately to the same purchaser on behalf of Moody DFW DST and Moody Village One DST, respectively. Both assets were purchased in 2018.
Lost Spurs Ranch, a 240-unit garden-style multifamily property, was originally purchased for $24 million in 2018 and sold for $48 million. Lost Spurs Ranch is located in the Dallas-Fort Worth Metroplex and was managed by Moody National Multifamily Management.
The Village at Bellaire had an original acquisition price in 2018 for $96 million and sold for $124 million. The 580-unit garden-style multifamily property is located inside Houston’s 610 Loop, within close proximity to the Galleria, downtown Houston and the Texas Medical Center. Village at Bellaire was managed by Moody National Multifamily Management.
“In the process of allocating and deploying capital into the multifamily sector, we observed the opportunity to capitalize and to take advantage of the historically aggressive pricing,” says Brett Moody, chief executive officer. “We identified assets in our existing portfolio and moved to the sell side. Oddly enough, given the recent fluctuations in the capital markets, we are once again looking for opportunities in multifamily on the buy side.”
Moody National Companies is a full-service commercial real estate company that includes mortgage, development, management, realty, title and insurance divisions. Founded in 1996, Moody National Companies has managed more than $2.2 billion in commercial real estate.