HOUSTON, TX – Spirit Investment Partners, in partnership with Strategic Value Partners (“SVP”), a global alternative investment firm, on behalf of its and its affiliates managed investment funds and accounts, 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 comprises of the 573-unit Resia Ten Oaks community in Houston and the 322-unit Resia Rayzor Ranch community in Denton, Texas. Terms of the transaction were not told.
Completed in 2024, the Resia Ten Oaks and Resia Rayzor Ranch properties are high quality multifamily assets featuring modern amenities and finishings typically associated with Class A properties. While both communities are in attractive, high-growth Sunbelt markets they were delivered during a temporary period of elevated new supply that ultimately impacted lease up and operating performance.
“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 SVP. “Furthermore, by partnering with experienced operators like Spirit, to source proprietary opportunities, we are able to go quickly on compelling investment opportunities and make long-term value through a combination of thoughtful capital and active asset management.”
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.
Tom Scott, of Spirit Investment Partners, who sourced the transaction, remarks “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 that was arranged by Jamie Leachman and Carter Wroblewski from JLL.

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SEATTLE, WA – Security Properties, a Seattle-based real estate investment firm with more than $6 billion in assets under management, announced the acquisition of Langara, a 134-unit apartment and townhome community in Issaquah, Washington, for $55.1 million, or approximately $411,000 per unit. The acquisition was made in partnership with RGA ReCap Incorporated (ReCap Real Estate Investments) on behalf of Reinsurance Group of America, Incorporated (RGA).
Langara marks the 12th market-rate acquisition for Security Properties Fund VII, the firm’s latest investment vehicle, which held its final close in April 2026 with $124 million in commitments. The community comprises 100 apartment homes and 34 townhomes in one of the Eastside’s strongest submarkets. Proximity to major employment hubs, highly rated schools, access to outdoor recreation, and limited new supply made Langara a natural fit for the Fund’s portfolio.
As part of the business plot, Security Properties will complete full interior renovations across all apartment units, delivering a meaningfully upgraded living experience. Plotted improvements include vinyl plank flooring, stainless steel appliances, quartz countertops, tile backsplashes, under-cabinet lighting, refreshed cabinetry and fireplaces, and modern lighting, hardware, and bathroom finishes.
The townhome portfolio will receive the same renovation package. In addition, Security Properties will convert the community’s largest townhome floor plot from three bedrooms to four, expanding rental value and broadening Langara’s appeal to larger households, a demographic underserved by most Eastside multifamily supply.
“Langara is a compelling opportunity to bring a well-located asset up to the standard today’s Issaquah renter expects,” said Mark Bates, Chief Investment Officer at Security Properties. “The Eastside has strong employment fundamentals and very small new supply, and nearly none of what does get built serves larger families. Converting our largest townhomes to four bedrooms addresses that gap directly while making durable value for our investors.”
The acquisition further deepens Security Properties’ presence on Seattle’s Eastside, where the firm has operated for decades and continues to serve as a market leader.

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SACHSE, TX – 37th Parallel Properties, a multifamily real estate investment firm, announced the acquisition of Woodbridge Villas, a 222-unit, 2002-built community in Sachse, Texas. The off-market acquisition is the firm’s latest investment in the Dallas-Fort Worth metro and expands its institutional-quality portfolio across the South and Southeast.
“Woodbridge Villas is the type of asset and submarket we have consistently pursued throughout our history,” said Dan Chamberlain, Managing Partner. “Sachse is an affluent, supply-constrained pocket of northeast Dallas with a median household income of approximately $117,000, top-rated schools, and a crime rate roughly half the Texas average. Those characteristics drive long-term, family-oriented demand. Submarket homeownership costs drive a durable rent-versus-own affordability buffer, which also supports occupancy and pricing power.”
The submarket benefits from a near-zero forward supply pipeline, with only one project under construction and none currently proposed within a seven-mile radius of the property. Limited entitled land, adjacency to established single-family neighborhoods, and political resistance to density collectively raise the barriers to new development, supporting steady occupancy and sustained rent growth.
Situated on 10.5 acres, Woodbridge Villas features a mix of one-, two-, and three-bedroom units averaging 875 square feet across 11 residential buildings. Apartment and community amenities include nine-foot ceilings, private patios and balconies, attached and direct-access garages, a resort-style swimming pool, fitness center, clubhouse, business center, outdoor grilling and lounge areas, and a pet park.
Darci Poole, Transaction Manager, said, “Woodbridge Villas brings together the elements we prioritize most: an institutional-quality, low-density asset in a desirable suburban submarket with strong demographics and a constrained supply backdrop. Sourcing the transaction on an off-market basis allowed us to buy below appraisal, comps, and replacement costs, all with conservative underwriting assumptions.”
The acquisition is supported by low-leverage, Freddie Mac financing arranged by Cutt Ableson and Patrick Hickey at Berkadia. Structured at a fixed rate with a full-term interest-only period, the capitalization is designed to enhance current cash flow, limit refinance risk, and provide downside protection across a range of interest-rate and macroeconomic scenarios. The property will be managed on site by RPM Living, a top-five U.S. property management company.
Woodbridge Villas represents the final investment from 37th Parallel’s second fund, 37P – Fund II, an income and equity growth vehicle that employs a similar strategy as Fund I, targeting value-add and core-plus multifamily real estate in growth markets across the Southeast and Texas. With this acquisition, Fund II now holds diversified investments in Charlotte, Austin, Atlanta, and Dallas.
“In an environment where capital discipline and market selection matter more than ever, Woodbridge Villas reflects our continued focus on acquiring institutional-grade, well-located assets in growth submarkets with durable demand and limited supply,” said Chad Doty, Managing Partner. “We look forward to delivering an attractive tax-advantaged investment to our investor family on this project.”

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