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Real Deals: Apartment sales reflect growing local trend

🕐 5 min read

The Fort Worth Business Press obtains some of its Real Deals content through a partnership with Xceligent Inc., a commercial real estate research firm. Brentwood sale reflects Fort Worth apartment lead The Brentwood apartment complex, a 292-unit property at 8300 Brentwood Stair Road in Fort Worth, has been sold to a Texas-based private investor. Terms of the transaction were not released. The sale seems to validate Cowtown as leading apartment markets statewide for the month of August, according to research by AxioMetrics Inc., a Dallas-based apartment market research and analysis firm. A local broker is not surprised at the findings. “I am seeing firsthand the growth in occupancy and rents here in Fort Worth, and it is a result of many factors,” said Al Silva, a senior director at Marcus & Millichap Real Estate Investment Services’ National Multi-Housing Group in Fort Worth. “On one hand, we have robust population growth, job growth and new household formation, which translates to many more people looking for apartments to rent,” said Silva. He also pointed to less new apartment construction compared with other major metropolitan markets, as well as a declining homeownership rate. “All of these factors combine to create an environment of greater demand for apartments, which puts upward pressure on pricing,” Silva said. In August, the average Fort Worth apartment rented for $891 a month, while the average Dallas unit cost $998. Silva marketed the Brentwood property on behalf of the seller, a Texas LLC. Silva also secured the buyer. Built in 1984, The Brentwood underwent $2 million in renovations, including both interior and exterior upgrades, between 2011 and 2013.

HOLT LUNSFORD TO MANAGE CARTER DISTRIBUTION CENTER Holt Lunsford Commercial has been awarded leasing and management oversight for Carter Distribution Center, a 615,000-square-foot bulk warehouse at 6601 Oak Grove in Fort Worth. Owned by Crow Holdings, the property will be managed by Brandi Baker, client manager, and Jennifer Henderson, assistant property manager. Handling leasing will be Donnie Rohde, marketing director, and Matt Carthey, partner. RIDGMAR SQUARE SOLD TO PRESIDIUM GROUP Ridgmar Square in West Fort Worth has been acquired by Presidium Group LLC. The 332-unit apartment complex was built in 1965 by the musical-comedy duo the Smothers Brothers. Presidium, a real estate investment and management firm, plans to re-brand and renovate the property in coming months by upgrading interiors with new fixtures, appliances and flooring. Presidium also will enhance the building exteriors, amenities and common areas. “This unique property has great curb appeal near a growing submarket of Fort Worth, making it a great investment,” said John Griggs, Presidium’s co-CEO, in a news release. “Our robust experience in repositioning and operating apartment complexes is ideal for strengthening the potential value of this property,” Griggs said. LOGISTICS FIRM MOVING NORTH TEXAS HUB TO IRVING Houston-based NDLI Inc. is expanding and relocating its North Texas logistics hub, leasing 46,251 square feet at Tristar Distribution Center in Irving. The move means 20,000 additional square feet of operating space when the full-service logistics provider completes its relocation from Carrollton to 8101 Tristar Dr. Representing the tenant in the transaction were Joe Santaularia, vice president of Bradford Commercial Real Estate Services, and Brock Wilson, senior vice president and managing partner. Canon Shoults of Holt Lunsford Commercial represented the landlord. The long-term lease has pushed occupancy to 100 percent in the 137,237-square-foot Tristar Distribution Center, owned by MP Acquiport Industrial LLC. WESTIN’S D-FW AIRPORT HOTEL CELEBRATES $1.6M MAKEOVER The Westin Dallas Fort Worth Airport hotel’s recent $1.6 million renovation may have flown under the radar, but the property’s makeover now boasts redesigned meeting and banquet space, including a 38,000-square-foot redesign featuring modern finishes, upgraded amenities and more. Renovated spaces include a 10,000-square-foot ballroom, 3,000 square-foot junior ballroom, multiple break-out meeting rooms, amphitheater and accompanying pre-function space. “This complete redesign will deliver what meeting planners have come to expect from the Westin brand,” said Jeremy Berlin, general manager, in a news release. Designed by Meeting Professionals International, the property offers 38,000 square feet of meeting space, all centralized on the ground floor. SALES Traylor Investments Ozona LLC has purchased 45,200 square feet for an undisclosed price at 801 Ozona Ave. in Fort Worth, according to Xceligent Inc. Representing the seller, Edward Whiting, in the transaction was Becky Thompson of Lee & Associates-Dallas. LEASES Le Cep Restaurant Inc. has leased 3,000 square feet at 3324 W. Seventh St. in Fort Worth. Representing the tenant in the transaction was Dana Chase with Keller Williams Commercial Real Estate. David and Sandra Avila, principals with the restaurant, plan to open the upscale French eatery on Oct. 10. Winstead PC has leased 16,100 square feet at 300 Throckmorton St. in Fort Worth, according to Xceligent Inc. Representing the landlord in the transaction were Matt Carthey and Geoff Shelton of Holt Lunsford–Fort Worth. Prim Construction has leased 6,550 square feet at 250 Roberts Cut Off Road in Fort Worth, according to Xceligent Inc. Representing the landlord were Todd Hawpe and Kirk Kelly of Transwestern–Fort Worth.

Sephora has leased 5,500 square feet at University Park Village in Fort Worth, according to Xceligent Inc. Representing the landlord in the transaction was Michael Nagy of UCR Retail Advisors-Urban.

KJ Automotive Loans has leased 5,136 square feet at Cendera Office Plaza in Fort Worth, according to Xceligent Inc. Dick Myers of Coldwell Banker Commercial Searcy Vasseur Group–Fort Worth represented the landlord. Morrison Supply has leased 50,109 square feet at 1201 Avenue S in Grand Prairie, according to Xceligent Inc. The tenant was represented by Holt Lunsford–Dallas. The landlord was represented by Stan McClure and Steve Koldyke of CBRE-Dallas. Trans Global Auto Logistics has leased 27,361 square feet at 901-921 S. Great Southwest Parkway in Grand Prairie, according to Xceligent Inc. Kacy Jones and Steve Koldyke of CBRE-Arlington represented the landlord. Metroplex Pilates has leased 5,432 square feet at 1500 N. Collins St. in Arlington, according to Xceligent Inc. Hank Wright and Gretchen Frankenthal of The Weitzman Group-DFW represented the landlord.

Springfree Trampoline has leased 2,146 square feet at Shops of Southlake in Southlake, according to Xceligent Inc. Representing the landlord were Michelle Caplan and Matt Luedtke of The Weitzman Group-DFW.

Vanguard Cleaning Systems of DFW has leased 3,335 square feet at 2201 Brookhollow Plaza Drive in Arlington, according to Xceligent Inc. Representing the landlord were Melanie Hughes and Sharon Friedberg of Bradford Commercial Real Estate Services.

SPC Capital has leased 17,525 square feet at 801 Hanover Drive in Grapevine, according to Xceligent Inc. The tenant was represented by David Rutson of Globe Medical Realty Advisors. Representing the landlord were Gil Strouble and Oscar Couto of Lincoln Property Company-Dallas. Send real estate news to lgraham@bizpress.net  

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

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