Hidden Lakes Apartments, a 312-unit multifamily asset in Fort Worth, has been sold to CAF Capital Partners.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale April 5.
“Built in 1996, Hidden Lakes is a low-density property that provides the new owner with an outstanding cash flow opportunity and value-add upside through a unit enhancement program,” said Will Balthrope, executive director.
Balthrope, Drew Kile, senior director, and Joey Tumminello, associate, represented the seller, New York-based Beachwold Residential, and procured the buyer, Texas-based CAF Capital Partners.
“Hidden Lakes is located near major transportation arteries that have recently undergone major expansions, and the improved connectivity will drive rapid growth as the major job centers of Alliance to the north and Downtown Fort Worth to the south are now more easily accessible to residents,” said Kile.
Hidden Lakes Apartments is situated within the Northeast Fort Worth/North Richland Hills submarket near the intersection of Fossil Vista Drive and North Beach Street, approximately one mile from the Interstate 820/Interstate 35W interchange.
“The new owner will be able to reach a sweet spot in the market with upgraded units as Class A properties closer to Downtown Fort Worth garner significantly higher rents, leaving a space in the market for quality, modern apartments at a mid-level price point,” said Tumminello.