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Former Owner Reclaims 50 Units in 10-Day Deal

FORT WORTH-The local investor buys the completely empty 50-unit Courtyard on Calmont from the lender who had foreclosed on its two-year owner.

By Connie Gore | Updated on December 20, 2007

FORT WORTH-An empty 50-unit complex has been reclaimed by a former owner, who sold it two years ago and then saw it fall into foreclosure. The return play went full circle in 10 days.

Peter Hartnett, associate partner with Hendricks & Partners in Dallas, says Courtyard on Calmont at 6760 Calmont Ave. in West Fort Worth has gone back to local investor Paul Carpenter in an off-market deal with Bayview Financial Holdings LP of Miami. He originally paid $600,000 for the asset, sold it for $1.2 million and reclaimed it for $700,000, Hartnett tells GlobeSt.com. According to Tarrant County tax records, Bayview Financial took back the 1.1-acre complex from Multi-Flex Corp. of Rancho Cucamonga, CA.

Hartnett says “three or four offers” surfaced as word got out that foreclosure was imminent. He adds that the buyer, also keeping his eye on the property, moved in for the close with an all-cash offer. “He didn’t need to walk the property,” the deal’s sole broker says. “He will hold it for a couple years and wait for the market to rebound.”

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