Reynolds Asset Management, Newport Capital Advisors Purchase Two Properties in Texarkana, Texas, for $23 Million

TEXARKANA, TEXAS — A joint venture between Reynolds Asset Management and Newport Capital Advisors has purchased two communities totaling 360 units in Texarkana, near the Texas-Arkansas border. The two properties were Westridge Apartments (176 units) and Park at Summerhill (184 units). The assets traded hands for $23 million.

John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets. The seller was not disclosed.