BEDFORD, TX—Due to lack of land in the route between Dallas and Fort Worth, investors are turning to class-B opportunities that have upside potential. A recent acquisition is an example of that, and one of the largest class-B communities in the midcities area. The 464-unit property, Oak Creek Apartments, was acquired by Transwestern Investment Group and S2 Capital LLC on behalf of one of the duo's managed funds.
The 61-building property located at 1611 Oak Creek Ln. is 92% occupied and provides an opportunity to upgrade approximately 80% of the units with modern interior finishes. Additionally, Transwestern Investment Group and S2 Capital plan on renovating the leasing center, fitness center and clubhouse to further enhance the overall value of the asset.
“The lack of quality apartment land sites in the HEB, that is the Hurst/Euless/Bedford submarket, coupled with the tenant demand to live in a centralized location within the DFW metroplex, creates attractive acquisition and redevelopment opportunities,” Collin Comer, senior managing director at Transwestern Investment Group, tells GlobeSt.com.
Oak Creek Apartments is well positioned near some of the busiest thoroughfares and interchanges in the area. This location benefits residents with access to some of the area's employment hubs, including Dallas/Fort Worth International Airport, downtown Fort Worth and downtown Dallas. The property offers residents direct access to Bell Manor Elementary School for families who want to be in the highly regarded Hurst/Euless/Bedford school district.
Transwestern's managing director Taylor Snoddy, and vice presidents Philip Wiegand and James Roberts represented the seller in the transaction. This value-add acquisition represents the first multifamily purchase of the fund.
With $4.3 billion of assets under management, Transwestern Investment Group provides investment management with an integrated operating platform through the Transwestern family of companies, which includes a real estate services firm with 35 US offices and a development company.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
