SPI Advisory (“SPI”) and its partners finalized the acquisition of Main Street Lofts, a 266-unit, Class A institutional-quality apartment community built in 2022 and located in Mansfield, Texas, one of the fastest-growing suburbs in the Dallas-Fort Worth metropolitan area.
Located in south-central DFW and equidistant to both cities, Main Street Lofts provides residents proximity to a diverse, robust economy housing major employers and Fortune 500 companies in various industries including Healthcare, Finance, Manufacturing, Aerospace, and BioTech. The location offers residents exceptional accessibility to more than 2.15 million jobs within a 20-30-minute drive while being zoned to highly coveted Mansfield ISD schools. The area’s strong demographics include average household incomes of ~$128K within a 3-mile radius (U.S. Census Bureau, Apr. ‘23) and a population growth of 34% since 2010.
This transaction is SPI’s 5th apartment acquisition in 2023. In addition to Main Street Lofts, SPI owns and operates nearly 7,300 units between DFW, the proximal submarkets of Austin, Kyle, & Buda, as well as San Antonio & New Braunfels.
“We are excited to acquire a high-quality, new construction property located in a high-growth corridor like Mansfield,” said Michael Becker, Principal at SPI Advisory. “At SPI Advisory, we have been among the most active buyers in Texas in 2023 and plan to be in 2024 as well. We project that after another high year in 2024 for new multifamily deliveries, they will drop off dramatically in 2025. We project that DFW Multifamily to be undersupplied for at least 2 years thereafter. That said, we feel this is a great point in the cycle to buy well-located quality assets like Main Street Lofts.”
