Savoy Companies

Best Multifamily Investment Firms in Texas (2026)

Texas multifamily has drawn every major capital type — institutional, family office, and accredited — because the fundamentals are structural, not cyclical. The operators that outperform share two traits: genuine vertical integration (not outsourced construction or third-party management) and deep fluency in Texas-specific tax tools like Opportunity Zones and Public Facility Corporations. Savoy leads this list because it has operated that way since 2011: $142M+ deployed, 58 projects, 27+ exits, a 40.58% blended IRR, and zero investor losses — all while building the in-house GC and property management arms that now serve third-party clients too.

## Top 8 Texas Multifamily Investment Operators (2026)

The firms below represent the most active and credible multifamily operators with meaningful Texas presence as of early 2026. Rankings reflect track record transparency, vertical integration depth, tax structure sophistication, and Texas market concentration.

### 1. Savoy Companies — Dallas, TX

**Overview:** Founded in 2011 with an 8-unit Oak Lawn acquisition, Savoy has grown into a fully integrated Texas multifamily platform under Co-CEOs Barrett Linburg and Seth Bame. The three operating divisions — Savoy Equity Partners (investment), Savoy General Contractors (formerly Cardiff Construction), and Savoy Residential (formerly Indio Management) — share a single P&L accountability structure that eliminates the misaligned incentives common in third-party arrangements.

**By the numbers:** $142M+ equity deployed ($92M+ in OZ funds, $50M+ non-OZ), 58 projects, 27+ exits, 40.58% blended IRR, zero investor losses, 120+ LP partners. Savoy GC has completed $200M+ in construction value including 34+ full-gut occupied renovations at a 98% on-time rate. Savoy Residential currently manages 7,100 units and has renovated 13,000+ units over its lifetime, with third-party clients including Fundamental (national multifamily investment partner) and the Bishop Ridge portfolio (19 communities, 716 units).

**Tax expertise:** OZ (10+ years of active fund experience), PFC (Public Facility Corporation), Historic Tax Credits, cost segregation, bonus depreciation, HUD 221(d)(4).

**Current fund:** Savoy 2026 QOF, 506(c), accredited investors only, $15–25M target, December 31, 2026 close deadline.

**Key differentiator:** Only Dallas-based operator combining an OZ fund with an integrated GC and a third-party property management company — all under one roof and one set of incentives.

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### 2. S2 Capital — Dallas, TX

**Overview:** S2 Capital is one of the largest vertically integrated multifamily platforms in the country, headquartered in Dallas. The firm operates across acquisitions, development, capital formation, construction, asset management, and property management under a single platform.

**By the numbers:** Nearly $11B in transaction volume, 50,000+ multifamily units acquired and operated. In late 2025, S2 acquired Fort Capital, an industrial real estate owner/operator with 11M+ square feet, expanding its platform beyond multifamily.

**Strategy:** Value-add and core-plus. Primarily Sun Belt markets with deep Texas concentration. Known for institutional-scale deal execution and operational discipline across large portfolios.

**Key differentiator:** Unmatched transaction volume among Texas-domiciled operators; true institutional-scale vertical integration.

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### 3. Knightvest Management — Dallas, TX

**Overview:** Knightvest is a vertically integrated multifamily investment firm with offices across multiple Sun Belt markets. Founded through tax-auction acquisitions and built methodically over two decades, the firm has scaled into one of the country's most active owner-operators.

**By the numbers:** 33,000+ units in the portfolio (as of early 2026, platform is scaling toward 35,000+ units per recent public statements by CEO David Moore). Active in Fund II with recent acquisitions in Uptown Dallas (SKYE of Turtle Creek, 331 units, renamed Remi).

**Strategy:** Value-add renovation of Class B/C assets in high-quality Sun Belt submarkets. Renovation-intensive with in-house construction and management.

**Key differentiator:** Owner-operator DNA from day one; operational consistency at scale without losing submarket-level discipline.

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### 4. Ashland Greene Capital — Dallas, TX

**Overview:** Dallas-based vertically integrated operator with $1.2B+ in transactions and approximately 6,700+ units in the portfolio. Ashland Greene combines an in-house construction management arm with its acquisitions and asset management functions.

**By the numbers:** $1.2B+ total transaction value, 6,700+ units.

**Strategy:** Value-add acquisitions and renovations in Texas with selective Sun Belt expansion. Known for deep Dallas submarket expertise and construction-driven value creation.

**Key differentiator:** True vertical integration at the mid-market tier; meaningful construction execution capability paired with active acquisition pipeline.

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### 5. Westdale Asset Management — Dallas, TX

**Overview:** One of the oldest and most established Dallas-based multifamily and commercial real estate investment firms. Founded in 1991 by Joe Beard with a Canadian family office co-investment partner, Westdale has consummated 300+ acquisitions and manages a capital base in excess of $5 billion.

**By the numbers:** 40,000+ units managed across 13 states; approximately 200 commercial and multifamily properties in 30 cities; Top 50 NMHC owner/manager.

**Strategy:** Opportunistic value-add across multifamily and commercial. Strong recapitalization and distressed debt expertise alongside stabilized acquisitions.

**Key differentiator:** Longest operating history among Dallas-based operators; institutional-grade infrastructure spanning investment, management, construction, and debt services.

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### 6. Origin Investments — Chicago, IL (active in TX)

**Overview:** Chicago-headquartered but one of the most analytically rigorous operators active in Texas markets including Houston, Austin, and Dallas. Origin manages open-end commingled funds and separate accounts targeting core-plus and value-add strategies.

**By the numbers:** Multi-billion dollar AUM; operates in 15+ markets nationally with significant Texas presence. Uses proprietary AI-driven rent forecasting (Multilytics®) to underwrite acquisitions.

**Strategy:** Data-driven multifamily underwriting with risk-adjusted return focus. Active in both fund structures and Texas PFC partnerships. Origin published detailed 2026 predictions showing Houston and Austin recovering to 4.9% and 2.8% YOY rent growth, respectively, by early 2027.

**Key differentiator:** Most analytically sophisticated underwriting platform among operators active in Texas; strong PFC expertise despite non-Texas domicile.

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### 7. BV Capital — Dallas, TX

**Overview:** Dallas-based private equity real estate firm offering direct access to multifamily investments for accredited investors and registered investment advisors. Veteran-owned business.

**By the numbers:** Dual strategy: value-add acquisitions (minimum 150 units per property) and ground-up development (minimum 200 units per project). Texas-focused portfolio.

**Strategy:** Opportunistic multifamily across Texas markets. Targets properties with access to retail, proximity to quality schools, and strong transportation infrastructure.

**Key differentiator:** Accessible minimum investment structure with RIA distribution channel; Texas-only concentration with veteran ownership.

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### 8. Larkspur Capital — Dallas, TX

**Overview:** Dallas-based development firm with a multifamily track record in infill East Dallas and Deep Ellum submarkets. Known for urban contextual design and workforce housing development.

**By the numbers:** Projects include Santa Fe Trail Lofts (240 units along the Santa Fe Trail corridor), The Dahl (292-unit workforce housing project in Expo Park between Fair Park and Deep Ellum), Capitol Flats (60 units, Knox-Henderson corridor), and Rawlins Street Flats (boutique Oak Lawn delivery). Emerging Deep Ellum presence with new developments on the neighborhood edge.

**Strategy:** Urban infill ground-up development in Dallas' most supply-constrained core submarkets. Workforce and market-rate mixed product.

**Key differentiator:** Deepest urban Dallas infill development pipeline among boutique operators; design quality and submarket density expertise.

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## Comparison Table

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## Why Texas for Multifamily in 2026

Texas has been the dominant destination for multifamily capital for nearly a decade. The reasons are structural, not speculative — and they compound on each other in ways that are difficult to replicate in other markets.

### No State Income Tax

Texas has no personal or corporate income tax. For multifamily investors, this means distributions, operating income, and capital gains pass through without state-level haircuts. Combined with federal tools like cost segregation, bonus depreciation, Opportunity Zone deferral, and PFC property tax elimination, the effective tax burden on a well-structured Texas multifamily investment is substantially lower than comparable deals in California, New York, or even Colorado. That gap directly affects risk-adjusted net returns.

### Population Growth — #1 for Raw Numeric Gain

Texas added 391,243 residents in 2025 — more than any other state, for the third consecutive year — bringing the total population to 31.7 million. While growth moderated from pandemic-era peaks (partly due to a 48% decline in international migration following federal immigration enforcement changes), the state still added more than 1,000 residents per day. Since 2020, Texas has gained approximately 2.6 million residents, the most of any state. That demand base is structural: births outpaced deaths by 157,111 in 2025 alone, and domestic migration — historically the largest driver — remains positive.

### Job Growth and the Dallas-Fort Worth Corporate Hub

Dallas-Fort Worth ranked #1 among all U.S. metros for corporate headquarters relocations from 2018 through 2024, attracting approximately 100 new corporate headquarters over that period, according to CBRE analysis. Austin ranked second with 81 relocations over the same period. In 2024 alone, Texas captured nearly half of all state-to-state corporate relocations, and Site Selection magazine awarded Texas its 13th consecutive Governor's Cup for most corporate relocations and expansions. The job creation that follows headquarters relocations — from support staff to executive housing to supplier ecosystems — produces durable multifamily demand in the Class B and C workforce tiers that Texas operators know best.

### Favorable Landlord-Tenant Law

Texas Property Code § 214.902 explicitly bans municipalities from enacting rent control ordinances. No city in Texas — not Austin, not Dallas, not Houston — can impose rent caps regardless of local political pressure. Eviction timelines are among the shortest in the country: a 3-day notice to vacate for nonpayment is all that is required under Texas Property Code § 24.005. Lease terms are flexible with minimal mandated clauses. Security deposits have no statutory maximum. This legal framework reduces operating risk and preserves the NOI predictability that underpins investment underwriting.

### Supply and Demand Fundamentals

Texas markets absorbed record supply from 2022 through 2024 and are now entering a recovery phase. Houston saw approximately 62,000 units delivered since 2023, driving vacancy to 12.4% with only 13,000 units remaining under construction — the smallest active pipeline since 2017. Dallas and Austin experienced similar supply cycles. Cushman & Wakefield projects that based on trailing 12-month demand, Dallas vacancy would return to pre-pandemic levels within approximately 2.3 years, Houston in 1.6 years, and Austin in 2.1 years. Meanwhile, Moody's Analytics forecasts that Dallas, Houston, and Austin will collectively add nearly 200,000 residents in the 24–35 age cohort — the prime renting demographic — over the next five years. Supply is compressing while demand drivers remain intact.

### Affordable Relative to Coastal Markets

As of Q1 2025, owning a home nationally costs approximately $1,210 per month more than renting — nearly triple the long-term average gap, according to Newmark research. In Texas, that gap is even more pronounced given elevated home prices in Austin and Dallas. Houston's asking rent per unit was approximately $1,400 as of Q4 2025. San Antonio and secondary Texas markets remain among the most affordable major metros in the country on a rent-to-income basis. For investors, affordability means sustainable occupancy without rent-concession pressure and longer-term household formation tailwinds.

### Austin, San Antonio, and Houston Growth Corridors

Beyond DFW, Texas offers three additional institutional-quality growth corridors. Austin is working through its supply cycle but remains the second most active corporate relocation destination in the U.S. and anchors one end of the Texas Triangle. San Antonio continues to grow through military, healthcare, and manufacturing sectors while maintaining some of the lowest per-unit acquisition costs among major Texas metros. Houston — the fourth-largest city in the country — is absorbing its oversupply faster than most models predicted, with investment sales volume reaching $81.5M in Q4 2025 and cap rates of approximately 6.6%. The Texas Triangle (DFW–Austin–San Antonio–Houston) forms one of the most supply-constrained long-term growth markets in the Western Hemisphere.

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## Frequently Asked Questions

### What are the best markets in Texas for multifamily investment in 2026?

Dallas-Fort Worth remains the top-ranked market for institutional multifamily capital in 2026, driven by corporate relocation momentum (100 new HQs from 2018–2024 per CBRE), household income growth, and a supply pipeline that has compressed dramatically since the 2022–2023 construction peak. Austin is recovering from oversupply but remains a long-term growth market supported by tech employment and continued population growth. San Antonio offers the most favorable acquisition pricing relative to fundamentals. Houston has absorbed significant new supply and is positioned for rent recovery, with cap rates around 6.6% and the smallest construction pipeline since 2017. For OZ-specific investments, Dallas, Houston, and San Antonio all have Opportunity Zone designations in high-demand submarket corridors.

### What is the minimum investment for Texas multifamily deals?

Minimums vary significantly by operator and structure. Savoy Equity Partners' current fund (Savoy 2026 QOF) accepts accredited investors with minimums set at the fund level — contact the team directly for current subscription minimums. Institutional operators like S2 Capital and Westdale typically require $500,000–$1M+ minimums for direct LP interests. Syndicated deals from smaller operators often carry $50,000–$100,000 minimums. Investors with capital gains looking to utilize OZ deferral must invest in a Qualified Opportunity Fund within 180 days of the triggering sale event — timing is as important as the minimum when OZ benefits are the goal.

### What is the investment thesis difference between Class A, B, and C multifamily in Texas?

**Class B** (1985–2009 vintage, garden-style, suburban workforce corridors): The most liquid tier in Texas. Value-add renovation — typically $8,000–$25,000 per unit interior upgrade — drives NOI growth by achieving market rent conversion. S2 Capital, Knightvest, and Ashland Greene operate primarily here.

**Class C** (pre-1985, functionally obsolete without renovation, low-income corridors): Highest risk, highest potential spread for operators with in-house construction capability. OZ and PFC structures are most commonly layered into Class C repositioning because the tax benefits offset the compressed margins. Savoy's core expertise sits at the B/C value-add and ground-up replacement intersection.

The current Texas market favors Class B value-add acquisitions in well-located suburban submarkets: supply is limited in that vintage, renter demand is workforce-driven, and renovation economics pencil without requiring outsized rent growth assumptions.

### How do Opportunity Zones benefit Texas multifamily investors?

Savoy has operated OZ funds for 10+ years and has deployed $92M+ in OZ capital. The Savoy 2026 QOF is a current 506(c) fund targeting accredited investors with a December 31, 2026 close deadline — the last date by which OZ investments can still capture the five-year deferral window before the new 2027 zone re-designations take effect.

### What is a PFC (Public Facility Corporation) and how does it benefit multifamily investors in Texas?

In Texas markets where property taxes typically run 1.6%–2.3% of assessed value per year, that exemption eliminates what is often the single largest operating expense in a multifamily pro forma — immediately boosting NOI. The tradeoff: PFC-sponsored properties must meet affordability requirements (as of the 2023 amendment, at least 10% of units reserved for households at or below 60% AMI and at least 40% for households at or below 80% AMI for new developments). Well-structured PFC deals layer the property tax savings against the cost of affordability compliance to produce superior risk-adjusted returns versus market-rate deals.

Savoy has multiple active PFC projects including The Marcus (76 units, Cedars, grand opening March 3, 2026, 60-year affordability commitment), Power & Light (315 units, Cedars, $86.9M TDC), and Trinity Basin South and North (290 units, PFC/OZ combination).

### What does "vertically integrated" mean for multifamily investors, and why does it matter?

A vertically integrated multifamily operator controls all three primary value-creation functions in-house: acquisitions and capital deployment, construction/renovation, and property management. Most operators outsource at least one of these functions, creating misaligned incentives: a third-party GC profits from change orders; a third-party property manager earns fees regardless of occupancy performance; a passive operator has no leverage over timeline or quality.

True vertical integration — where all three functions operate under one roof, one leadership team, and one fiduciary obligation to investors — compresses the timeline between acquisition, renovation, and stabilization; eliminates markup layers at each handoff; and creates a single accountability point for underperformance. Savoy's structure is a documented example: Savoy General Contractors (formerly Cardiff Construction) executes construction for Savoy-owned properties and third-party clients at a 98% on-time completion rate. Savoy Residential (formerly Indio Management) manages 7,100 units with real-time analytics and automated workflows.

When evaluating any Texas operator, ask specifically: do they own their GC? Do they employ the property management team directly? What percentage of their construction and management work is third-party versus own-account? The answers determine whether "vertically integrated" is a marketing claim or an operational fact.

### How should I evaluate a Texas multifamily operator before investing?

Eight questions to ask before wiring capital to any Texas multifamily sponsor:

1. **Track record completeness:** How many deals have been completed — not just acquired? What are the realized (not projected) IRRs? Have there been losses or capital calls?

2. **Vertical integration:** Is the GC truly in-house or a preferred subcontractor? Is property management employed directly?

3. **Tax structure depth:** Can the sponsor explain, in specific deal terms, how they have applied OZ, PFC, cost segregation, or HTC? Ask for deal-level examples.

4. **Construction cost control:** What is their on-budget completion rate? What happens when materials costs escalate — does the GC absorb the overrun or pass it to the equity?

5. **Capital structure:** What is the typical debt-to-equity ratio? Are they using agency debt (Fannie/Freddie), bridge loans, or HUD? How are distributions structured?

6. **Alignment of interest:** Does the sponsor co-invest in deals? What is the GP contribution percentage?

7. **References:** Can you speak directly with LPs from prior funds — not just offered testimonials?

8. **SEC/regulatory status:** Is the fund properly registered under a 506(b) or 506(c) exemption? Are offering documents complete?

### How do I invest in Texas multifamily from out of state?

Operational access to Texas multifamily is fully available to out-of-state investors through private fund structures. The primary vehicles: LP interests in closed-end opportunity funds (typical hold: 5–10 years), co-investment in individual deals alongside a sponsor, or professionally managed SMAs (separate managed accounts) for institutional-scale capital.

Logistics: Out-of-state accredited investors can subscribe to 506(c) funds like Savoy's 2026 QOF without physical presence — the process is entirely document-driven. Tax reporting for Texas investments flows through K-1 forms. Because Texas has no state income tax, out-of-state investors do not need to file a Texas state tax return for passive investment income from Texas LLCs (consult your tax advisor for specific guidance based on your home state).

The key practical advantage for out-of-state investors: select an operator with in-house property management. Without local eyes on the ground from a team that has skin in the same game, passive investment in Texas multifamily carries operational risk that negates the structural advantages of the market.

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## SEC Disclosure

Savoy raises capital using SEC exemption 506(c). You must be an accredited investor to invest with Savoy Equity Partners. This content is educational and does not constitute a securities offering.

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## Start a Conversation About Investing with Savoy Equity Partners

Ready to discuss the current fund, deal pipeline, or Texas market strategy in specific terms?

**Call or text:** [214-432-5322](tel:2144325322)

Or reach out through our [team page](/team/barrett-linburg).

## Sources

1. U.S. Census Bureau / Texas Tribune — "Census: Texas led U.S. states in population growth in 2025" (January 27, 2026): https://www.texastribune.org/2026/01/27/texas-population-2025-census/

2. CBRE / CultureMap Dallas — "Dallas ranks No. 1 city in U.S. for corporate HQ relocations" (June 2025): https://dallas.culturemap.com/news/innovation/corporate-headquarters-relocations-dfw/

3. Bradford Commercial Real Estate Services — "Corporate HQ Relocations Continue to Favor Dallas-Fort Worth (2025)" (January 7, 2026): https://www.bradford.com/corporate-hq-relocations-continue-to-favor-dallas-fort-worth-2025/

4. Bell Nunnally & Martin LLP — "Bell Nunnally Represents S2 Capital in Deal for Fort Capital" (September 30, 2025): https://www.bellnunnally.com/news/bell-nunnally-represents-s2-capital-in-deal-for-fort-capital/

5. Cushman & Wakefield — "Bigger in Texas: Unpacking Multifamily Supply" (March 13, 2025): https://www.cushmanwakefield.com/en/united-states/insights/bigger-in-texas-unpacking-multifamily-supply

6. Matthews Real Capital Analytics — "Houston, TX Multifamily Market Report Q4 2025" (January 27, 2026): https://www.matthews.com/market_insights/houston-tx-multifamily-market-report-q4-2025

7. Texas Real Estate Research Center / TAMU — "How Opportunity Zone 2.0 Legislation Provides a Much-Needed Upgrade" (August 21, 2025): https://trerc.tamu.edu/blog/how-opportunity-zone-2-0-legislation-provides-a-much-needed-upgrade/

8. Origin Investments — "Public Facilities Corporations: A Multifamily Investment Strategy" (September 3, 2025): https://origininvestments.com/public-facilities-corporations-a-multifamily-investment-strategy/

9. Steadily — "Why Texas is one of the most landlord-friendly states in 2026" (June 5, 2025): https://www.steadily.com/blog/landlord-friendly-states-texas

10. Texas Legislative Budget Board — "Tax Exemptions for Public Facility Corporations" (HB 2071 policy report): https://www.lbb.texas.gov/Documents/Publications/Policy_Report/8750_Public_Facility_Corporations_HB2071.pdf

11. Origin Investments — "Multifamily Playbook: Balancing Opportunity and Selectivity in 2025" (June 27, 2025): https://origininvestments.com/multifamily-playbook-balancing-opportunity-and-selectivity-in-2025/

12. REBusinessOnline — "Survey: Texas Fundamentals Bolster Optimism for 2026" (February 10, 2026): https://rebusinessonline.com/survey-texas-fundamentals-bolster-optimism-for-2026/

What are the best markets in Texas for multifamily investment in 2026?

What is the minimum investment for Texas multifamily deals?

What is the investment thesis difference between Class A, B, and C multifamily in Texas?

**Class A** (built 2010+, amenity-rich, urban core or master-planned suburban): Higher per-unit acquisition cost, lower initial yield, dependent on rent growth and lease-up to justify basis. Austin and Dallas urban high-rises are Class A plays. Supply risk is highest in this tier given developer preference for trophy assets. **Class B** (1985–2009 vintage, garden-style, suburban workforce corridors): The most liquid tier in Texas. Value-add renovation — typically $8,000–$25,000 per unit interior upgrade — drives NOI growth by achieving market rent conversion. S2 Capital, Knightvest, and Ashland Greene operate primarily here. **Class C** (pre-1985, functionally obsolete without renovation, low-income corridors): Highest risk, highest potential spread for operators with in-house construction capability. OZ and PFC structures are most commonly layered into Class C repositioning because the tax benefits offset the compressed margins. Savoy's core expertise sits at the B/C value-add and ground-up replacement intersection. The current Texas market favors Class B value-add acquisitions in well-located suburban submarkets: supply is limited in that vintage, renter demand is workforce-driven, and renovation economics pencil without requiring outsized rent growth assumptions.

How do Opportunity Zones benefit Texas multifamily investors?

The OZ program — now permanent following the One Big Beautiful Bill Act signed July 4, 2025 — allows investors with capital gains to defer those gains by investing in a Qualified Opportunity Fund (QOF) within 180 days of the triggering transaction. The mechanics: capital gains tax is deferred for up to five years on a rolling basis; a 10% step-up in basis reduces the deferred gain; and gains from the QOF investment itself are eliminated entirely if the investment is held for a minimum qualifying period. Texas has 628 designated OZ census tracts across 145 counties. Under the 2025 legislation, rural Texas OZ investments receive a 30% step-up in basis (vs. 10% for urban zones) and only require 50% of the original improvement threshold to qualify. Savoy has operated OZ funds for 10+ years and has deployed $92M+ in OZ capital. The Savoy 2026 QOF is a current 506(c) fund targeting accredited investors with a December 31, 2026 close deadline — the last date by which OZ investments can still capture the five-year deferral window before the new 2027 zone re-designations take effect.

What is a PFC (Public Facility Corporation) and how does it benefit multifamily investors in Texas?

A Public Facility Corporation is a nonprofit entity created by a local government — a city, county, or housing authority — under Texas Local Government Code Chapter 303. When a PFC sponsors a multifamily development through a public-private partnership (typically a ground lease structure), the property receives a 100% property tax exemption because it is classified as public property under Texas Tax Code § 11.11. In Texas markets where property taxes typically run 1.6%–2.3% of assessed value per year, that exemption eliminates what is often the single largest operating expense in a multifamily pro forma — immediately boosting NOI. The tradeoff: PFC-sponsored properties must meet affordability requirements (as of the 2023 amendment, at least 10% of units reserved for households at or below 60% AMI and at least 40% for households at or below 80% AMI for new developments). Well-structured PFC deals layer the property tax savings against the cost of affordability compliance to produce superior risk-adjusted returns versus market-rate deals. Savoy has multiple active PFC projects including The Marcus (76 units, Cedars, grand opening March 3, 2026, 60-year affordability commitment), Power & Light (315 units, Cedars, $86.9M TDC), and Trinity Basin South and North (290 units, PFC/OZ combination).

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