A Dallas-based real estate investor has bought into a fast-growing suburb.

SPI Advisory LLC — which owns and operates nearly 7,300 units up and down Interstate 35 from San Antonio and Austin to North Texas — on Dec. 13 acquired the 266-unit Main Street Lofts apartment community near downtown Mansfield, the company announced. Financial terms of the deal were not disclosed.

Tarrant Appraisal District estimates the value of the property as $49 million, although such appraised values are often below market values.

The sellers were Irving-based Realty Capital Residential LLC and Aventura, Florida-based PointOne Holdings LLC, which built the complex in 2022. The community was 90% occupied at the time of sale, Realty Capital and PointOne announced.

“We’re proud to have provided over 400 current residents with a quality place to call home, and a walkable lifestyle in Mansfield that is unique to Main Street Lofts,” said Spencer Long, development director for Realty Capital Residential, in a statement.

The newly constructed property’s amenities include a rooftop deck, fitness center, a yoga studio and electric vehicle charging stations. It also has direct access to a public park and trails and is walking distance from downtown Mansfield.

NRP Construction was the general contractor for Main Street Lofts, with Greystar handling leasing and property management. Cushman & Wakefield brokered the deal.

The deal is a sign of confidence in the Mansfield apartment market as the city south of Fort Worth continues to boom. As of early 2023, Mansfield had a population of 77,000 and was projected to exceed 100,000 residents over the next decade, Dallas Business Journal reported.

“We are excited to acquire a high-quality, new construction property located in a high-growth corridor like Mansfield,” said SPI Advisory Principal Michael Becker.