One market. One asset class. No drift.
Victory Partners was founded on the belief that concentrated expertise outperforms diversified opinion. We acquire retail real estate in Dallas–Fort Worth and nowhere else.
Principals.
Marcus Vance
Twenty-one years in retail acquisitions, previously leading the Southwest retail platform at a national institutional manager where he oversaw $2.4B of transaction volume. Marcus underwrites every deal Victory Partners acquires.
Elena Castellanos
Formerly on the real estate debt desk of a global investment bank, structuring more than $6B in commercial mortgage placements. Elena leads capital formation, lender relationships, and investor reporting.
Devon Reyes
Fifteen years operating retail centers across Texas, including a 6.8M square foot portfolio at a public REIT. Devon owns the business plan from close through disposition.
Firm milestones.
- 2016
Firm founded
Victory Partners formed in Dallas to pursue value-add retail in a single metroplex.
- 2018
First realization
Preston Row exits at a 14.2% realized IRR, returning capital ahead of schedule.
- 2020
Platform expansion
Dedicated asset management function established; portfolio crosses 1M square feet.
- 2022
$250M deployed
Cumulative acquisition volume passes a quarter billion dollars across 12 transactions.
- 2024
Institutional co-invest
First programmatic joint venture signed with a family office consortium.
- 2026
Current portfolio
Three active DFW offerings totaling 427,000 square feet.
Why retail. Why DFW. Why now.
Retail spent a decade as the least-loved major property type. Capital fled toward industrial and multifamily on a narrative — the death of physical retail — that never described the actual performance of well-located, necessity-anchored centers. That dislocation created an entry basis we do not expect to see again in this cycle.
Meanwhile the supply side quietly repaired itself. New retail construction has run at a fraction of the prior cycle's pace for more than ten years, while population growth in the Sun Belt continued uninterrupted. In DFW specifically, retail vacancy sits near historic lows and the pipeline of new deliverable centers is thin enough that existing well-located product carries genuine pricing power.
We concentrate on one metroplex because underwriting retail is a local exercise. Two centers three miles apart can have entirely different trade areas, traffic patterns, and tenant demand. That granularity is not available to a national allocator running a screen. It is available to a team that has walked every corridor in the market for two decades.
The result is a mandate deliberately narrow enough to be defensible: value-add and core-plus retail, necessity-based tenancy, DFW growth corridors, held four to five years, with capital structures conservative enough to survive being wrong about the exit environment.