White Settlement apartments acquired

Oak View Apartments courtesy photo

Darwin German Real Estate Investments (DGRE) has purchased Oak View Apartments located at 1300 N. Jim Wright Freeway in the Fort Worth suburb of White Settlement.

This acquisition, their second in White Settlement, brings DGRE’s total current portfolio to 14 apartment communities comprised of 2,004 units with most of those properties located in the Dallas/Fort Worth metroplex.

Oak View, a 270-unit residential complex built in 2018, is situated on 2.3 acres, was 93% occupied at the time of purchase, and sits 1.5 miles from Gold Creek Apartments which was also acquired by DGRE in early 2020. Oak View was purchased in an “off-market” transaction from a Weatherford-based developer. Terms of the transaction were not disclosed.

“Oak View is what I like to call a ‘mailbox money’ deal,” said Darwin German, President of DGRE, “and by that, I mean it’s a stabilized property providing our partners immediate positive cash flow which we distribute monthly. Buying Oak View made a lot of sense because we own a similar 255-unit apartment property called Gold Creek in the same submarket, which allows us to benefit from management and leasing efficiencies. In addition, the property has freeway frontage exposure, is less than 2 years old, and we were able to buy it at below replacement cost.”

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“This is our second purchase from the same seller, who developed both Oak View and Gold Creek. We closed on Gold Creek in February, so we have been operating in the White Settlement submarket for a year,” German continues. “Part of the terms of the Oak View transaction included taking over management and leasing this past July, a full 5 months prior to taking ownership. Not only were we able to avoid the usual problems that surface during an ownership transition, we were also able to increase the net income, and therefore the value, of the property during that 6 month period before we even closed the deal!

“Oak View was our fifth acquisition in 2020, including Gold Creek (255 units), The Corners (85 units), Village Oaks (58 units) and Valley Centre (80,000sf office property). As we continue to build our portfolio with assets that provide great returns to our partners, Oak View Apartments matches our investment criteria perfectly!”