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Real Deals: Fort Worth Apartments sold

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FORT WORTH APARTMENTS SOLD

A Canadian-based investment group has sold the 152-unit Antiqua Village Apartments – photo 2019 Antiqua Village, 5320 E. Rosedale St., Fort Worth.jpg – in a southeast Fort Worth neighborhood that’s been awaiting its turn at redevelopment.

Occupancy was 93.5% at sale time for the 10-building Antiqua Village at 5320 E. Rosedale St. The complex is part of the Cavile Place Neighborhood Transformation Plan, a 15-year initiative to breathe new life into a struggling residential pocket, locally known as Stop Six.

Sam Pettigrew, partner of Cantrell Co. & Partners, represented the seller, Republic Antiqua Village LP. The buyer of record is M&D Antiqua Village LLC, a Texas-based entity.

“The city had expressed interest in this property at one point,” said Pettigrew, the sole broker on the transaction. “They’re putting a great deal of effort into the Stop Six neighborhood.” Among the changes to date is Rosedale Street’s expansion to four lanes from two.

Antiqua Village Apartments drew 12 offers.

“It was being marketed for less than the typical class C property. Its cap rate also was higher,” Pettigrew said. “It clearly was priced right for the market.”

The seller had invested $1.45 million into renovating the complex in the past three years. A majority of the units have been upgraded. The average rent is $734 per month, roughly $110 per month less than comparable multifamily properties in the neighborhood.

“The opportunity to push rents and complete the renovation definitely helped to drive up interest,” Pettigrew says. “In the Dallas/Fort Worth market, there are only a limited amount of class C deals available with a value-add component for some upside.”

Developed in 1972, Antiqua Village is designed for families. It’s predominately two- and three-bedroom apartments, ranging from 850 square feet to 1,050 square feet. There are 16 one-bedroom units, each 700 square feet. All rentals are individually metered for electricity. They also have individual HVAC and water heaters.

With the sale now closed, the buyer plans to tackle the balance of the unit upgrades, which include faux wood flooring, contemporary white kitchen cabinets with tile backsplashes and new appliances, modern wall colors and updated bathrooms.

LEASES

AER Precision Transmission preleased 80,660 square feet at Mark IV Commerce Park in Fort Worth. Stream Realty Partners Seth Koschak and Forrest Cook represented the landlord, Crow Holding Industrial.

COVILLA has leased of 1,100 square feet on the top floor of the Star-Telegram Building in downtown Fort Worth. Graham Brizendine with Broker Direct Real Estate represented the tenant.

O.E.C. Shipping Los Angeles Inc. has leased 2,830 square feet at 4500 Fuller Drive, Irving, 75038. Geoff Shelton and Marshall Mays with Holt Lunsford Commercial represented the landlord, Goddard Investment Group.

Powell Electronics has leased 3,487 square feet at 4500 Fuller Drive, Irving, 75038. Geoff Shelton and Marshall Mays with Holt Lunsford Commercial represented the landlord, Goddard Investment Group.

Source One Spares LLC signed a lease renewal and 15,600-square feet expansion, bringing their total leased space to 57,818 square feet, at 4302 Buckingham Road in Fort Worth. David Eseke and Clay Balch of Cushman & Wakefield represented the tenant. Gil Stroube of Lincoln Property Co. represented the landlord, Denali Texas Diplomacy Inc.

Stream Realty Partners has leased 55,950 square feet at Parc North in Fort Worth. AirSystems leased 39,950 square feet and was represented by NAI Robert Lynn’s Todd Hubbard. Imagineering Group leased 16,000 square feet. Stream Realty Partners Seth Koschak and Forrest Cook represented the landlord, EastGroup Properties.

TDS Fluid Industries renewed its lease of 3,000 square feet at Riverbend Business Park, Fort Worth, 76118. Keaton Duhon and Jake Neal with Holt Lunsford Commercial represented the landlord, Riverbend Properties.

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