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(Read more on the multifamily market.)<BEAUMONT, TX-The Lindahl Group of Boston has closed on its second acquisition in less than two months in the city. The buyer has paid $7.78 million to add the 186-unit Towne Oaks Apartments to its growing Texas portfolio.

David Lindahl, president of the namesake firm, says the 40-year-old complex at 6550 Lexington Dr. came with deferred maintenance from damage incurred during Hurricane Rita in 2005 and had four burned-out units. He tells GlobeSt.com that a $40,000 investment and two months of work will bring the complex back up to par and get units on line. The Lindahl Group will manage the complex.

Lindahl says Towne Oaks represents a good value-add opportunity because rents are below market. “We bought this because of the low occupancy,” he adds. “In the three months since we had this under contract, occupancy has increased as has net income.” He says occupancy is now 92%, up 6% from the contract to the closing with BMT Towne Oaks Associates Ltd. of Houston.

Towne Oaks Apartments has one- and two-bedroom units measuring from 707 sf to 1,467 sf. Rents average $500 per month. Jeff Patterson with Apartment Realty Advisors’ Houston office brokered the transaction. Quantum First Capital of Dallas arranged a $6.22-million loan through Fannie Mae.

Lindahl plans to acquire 6,000 units in Texas. In early June, he bought the 200-unit French Road Apartments at 3155 French Rd. The buyer’s holding contracts for a 365-unit complex in Dallas and a 144-unit asset in Fort Worth. And, Lindahl says, there is a complex in Shreveport, LA about to go to escrow. The Fort Worth property will change hands later this month while Dallas and Shreveport are ticketed to close in August.

Lindahl’s march into Texas has caught the attention of several South Texas investors and loan arrangers because he lectures on how to become a multimillionaire with apartment acquisitions. He is part of Donald Trump’s Real Estate Wealth Expos and teaches other courses like “Apartment House Riches” and “Real Estate Investors Marketing Toolkit.” He’s also authored a book, “Emerging Real Estate Markets: How to Find and Profit from Up and Coming Areas.”

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