The portfolio acquisition includes the 573-unit Resia Ten Oaks in Houston and the 322-unit Resia Rayzor Ranch in Denton. Both properties were completed in 2024 and offer Class A amenities, though they struggled to reach stabilization amid the temporary oversupply currently cooling parts of the Sunbelt rental market.
Mike Ungari, Global Head of Real Estate at SVP, noted that the deal aligns with the firm’s strategy of targeting assets where strong fundamentals are currently masked by market dislocation. Spirit Investment Partners will lead the operational turnaround, rebranding both communities and transitioning management to its internal team, Spirit Management Services. Tom Scott of Spirit, who sourced the off-market deal, indicated that the firm plans to continue targeting similar projects where well-conceived developments have hit temporary headwinds. Financing for the acquisition was provided by Oaktree and arranged by JLL’s Jamie Leachman and Carter Wroblewski.
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