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New Texas Buyer Starts With 168-Unit Class B

FORT WORTH-An investor from Provo, UT opens the door with Woodhaven Crossroads Apartments, a 95%-leased subsidized housing development on the city's east side.

By Connie Gore | Updated on December 27, 2007

FORT WORTH-In a sealed-bid process with no re-trading prospects, a private investor from Provo, UT has taken control of the 168-unit Woodhaven Crossroads Apartments, a subsidized housing development in East Fort Worth. The complex was 95% leased at sale time.

The Fort Worth Housing Authority’s sealed-bid requirements kept many would-be buyers at bay, with only a handful emerging during the three-month marketing, according to Chris Epp, head of Apartment Realty Advisors’ private client services group in Dallas. He says the authority sale required $50,000 down on Day 1 and $25,000 of non-refundable earnest money ASAP for the mid-1980s complex, built in three phases on nearly five acres at 5931 Oakland Hills, 350 Shady Lane Dr. and 5301 Greenshaven Dr. Woodhaven Crossroads carried a $3.25-million ask on an “as-is” basis.

“It shows very, very well. The thing that held the feeding frenzy back is the way the Fort Worth Housing Authority has to offer their deals,” Epp tells GlobeSt.com. “In a free and open marketing campaign, we think there would have been absolutely no problem in achieving the full asking price.”

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