Hip walkable Main Street Lofts in Mansfield score a new owner
A hip loft building in Mansfield has a new owner: Main Street Lofts, a 266-unit apartment community built in 2022, was acquired by SPI Advisory, a Texas-based multifamily private equity firm, and its partners.
Located at 715 N. Main St., Main Street Lofts is a Class A institutional-quality property that had lots of appealing assets for SPI:
- Proximity to a diverse, robust economy housing major employers and Fortune 500 companies in various industries including Healthcare, Finance, Manufacturing, Aerospace, and BioTech
- Accessibility to more than 2.15 million jobs within a 20-30-minute drive
- highly coveted Mansfield ISD schools
The area's strong demographics were a plus, with average household incomes of ~$128K within a 3-mile radius (U.S. Census Bureau, April 2023) and a population growth of 34 percent since 2010.
The property is brand new, and features superior finishes and amenities like a rooftop deck and entertainment lounge, social library, coffee bar, strength training fitness center, yoga/cycling studio, and EV charging stations.
The property also boasts major lifestyles perks: direct trail access to a public 3-acre park, biking trails, the city trail system, and Mansfield’s Historic Downtown, giving it a walkability element that's unique in the area.
In addition to Main Street Lofts, SPI owns and operates nearly 7,300 units between DFW, the proximal submarkets of Austin, Kyle, & Buda, San Antonio, and New Braunfels.
This is SPI’s fifth apartment acquisition in 2023. In a statement, SPI Advisory principal Michael Becker says that the buying spree is likely to extend into 2024 as well.
"We project that after another high year in 2024 for new multifamily deliveries, they will drop off dramatically in 2025," Becker says. "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."