Lightbulb Capital Group Acquires 5-Property Texas Portfolio

Totaling more than 1,400 units, the communities are located in the Dallas-Fort Worth and Austin areas.

Royalton Portfolio. Image courtesy of Institutional Property Advisors

Lightbulb Capital Group has purchased the five-property Royalton Portfolio, which totals 1,437 units across four properties in the Dallas-Fort Worth metropolitan area and with the final property situated in suburban Austin. The transaction was closed by Institutional Property Advisors (IPA), which represented seller SWBC Real Estate and also procured the buyer.

Comprising the Royalton Portfolio are the following properties: The Royalton at Grand Prairie, a 300-unit asset built in 2021; The Royalton at Craig Ranch, a 271-property building in 2021; Central Park at Craig Ranch, a 271-unit community built in 2019; The Royalton at Rockwall Downes, a 295-unit asset built in 2021; and The Royalton at Sunfield, a 300-unit property built in 2021.

Multiple submarkets

“One of our biggest challenges for this portfolio was that the properties were at various stages of completion and in multiple markets around the state,” IPA Senior Managing Director Drew Kile told Multi-Housing News. “Some of the assets were fully stabilized and others were not much more than halfway completed. Finding buyers comfortable with multiple submarkets, staggered closings and various states of lease-up was key.”

Royalton Portfolio. Image courtesy of Institutional Property Advisors

The IPA Texas team began working on the portfolio when many of the assets were pre-stabilized and interest rates were beginning to grow increasingly volatile, added Will Balthrope, IPA executive managing director. “Over the years, we built a large, highly capable team to ensure we have the largest reach to procure the strongest buyers able to navigate today’s market, even as interest rates move up,” he said.

Earlier this month, FCP and VaultCap Partners made their introductory foray into the Austin-area market with their acquisition of Huntington Meadows.

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