Mosaic Digs Into 168-Unit Value-Add

BEDFORD, TX-Renamed to Waters Park Apartments, a 168-unit value-add in the suburbs has been sold to a back-up buyer who picked up the play when a contract fell out last fall. Houston-based Mosaic Residential is investing $6 million into the acquisition and renovation of the class B complex, formerly Park Lake Apartments.

“The broker called us and said ‘this is a deal for you,’” recalls Jay O’Connor, founding partner of Mosaic Residential, which has been carving out its niche in Texas metros with value-add acquisitions. The retooling at the 95%-leased Waters Park Apartments, situated on 8.16 acres at 1401 Shady Lane, got under way as soon as the deed changed hands. O’Connor tells GlobeSt.com that the upside will come from a management change and post-renovation rent hikes that are projected to be $125 per month for each unit. The complex’s average monthly rent presently is $672.

Mosaic Residential slid in its in-house management team to replace the seller’s out-of-state property manager, according to O’Connor. The seller was a limited partnership from Clifton, NJ, which bought the 18-building complex in November 1999 based on Tarrant County tax records.