Dallas Investor Takes Mansfield Apartment Community


A Dallas-based apartment investor has made its fifth Texas property purchase of the year — this time in Mansfield. SPI Advisory in a partnership acquired Main Street Lofts, a 266-unit rental community in Mansfield south of Arlington. Built in 2022, Main Street Lofts has a rooftop deck and entertainment lounge, coffee bar, fitness center and electric vehicle charging stations. The property has trail access to a public three-acre park and Mansfield’s historic downtown.

The rental community was a project of Realty Capital Residential. Cushman & Wakefield marketed the apartments for sale

“We are excited to acquire a high-quality, new construction property located in a high-growth corridor like Mansfield,” Michael Becker, principal at SPI Advisory, said in a statement. “At SPI Advisory, we have been among the most active buyers in Texas in 2023 and plan to be in 2024 as well.

“We feel this is a great point in the cycle to buy well-located quality assets like Main Street Lofts.”

Almost 27,000 new Dallas-Fort Worth apartments are opening this year. But with starts down more than 40%, apartment supply in the area is expected to decline after 2024.

“We project that D-FW multifamily to be undersupplied for at least two years thereafter,” Becker said.

SPI Advisory owns and operates almost 7,300 rental units in Texas.

This summer, the investor acquired the Ivy apartments just east of North Central Expressway in the Cityplace neighborhood.

Dallas-Fort Worth is the country’s top apartment sale market. More than 30,000 North Texas rental units changed hands in the first half of 2023.


Dallas Morning News, December 18, 2023

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