DALLAS-A joint venture of AREA Property Partners, based in New York City, and Atlanta-based Wood Partners have purchased nine apartment complexes in Texas totalling more than 2,500 units. The properties were bought for more than $50 millino from Western Rim LLC.

The properties include Mansions Woodland in Conroe, Estates Woodland in Willis, Mansions at Stonebridge in McKinney, Mansions by the Vineyard in Euless, Villas on the Green in North Richland Hills, Estates of North Richland Hills, the Mansions at Canyon Springs in San Antonio, Mansions by the Lake in Coppell and an apartment complex in Conroe. The properties are about 95% occupied, says Richard Mack, AREA North America CEO.

“The reason we like these properties is that they are Class A to Class A minus, and we are buying well below replacement cost,” Mack tells GlobeSt.com. He says the seller wanted a quick closing, and the joint venture was able to acquire long-term financing in time for the purchase.

He also says the areas where the properties are have strong fundamentals. “The cities demonstrate some of the best job and population growth in the country. It’s going to be a little while, but I think there will be strong rent growth, especially since the economy is not going to allow new product to be built anytime soon,” he says.

AREA will manage all the Texas properties. Most recently AREA and Wood partnered in October on the purchase of Terrazas River Park Village, a 324-unit Class A property along the Miami River in Miami.