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Carlos & Costanzo Buys 176-Unit Neighbor

FORT WORTH-The buyer grabs a second complex in the struggling Woodhaven district. The 62%-leased Willows of Woodhaven is in line for $200,000 of renovations.

By Connie Gore | Updated on May 27, 2008

FORT WORTH-Carlos & Costanzo LLC has taken another complex in the struggling Woodhaven district under wing, buying 176 units next door to its April acquisition. The value-add play calls for $200,000 of renovations to the 17-building asset.

Carlos Vaz, principal of the young Dallas-based company, says the purchase of the 62%-leased Willows of Woodhaven at 5816 Boca Raton Blvd. involved more than just location. “Being next door was important, but the bank had spent a considerable amount of money on it so the units were in good shape,” he says. Nita Stewart of CB Richard Ellis in Dallas was marketing the foreclosed asset for the lender.

Vaz tells GlobeSt.com that the $3.85-million ask was whittled to $3.05 million after waiting several months for it to ride market before putting in an offer. “We closed the deal in three weeks after we renegotiated,” he says, making the close with 50% down in a new loan with the seller. He says the plan is to refinance the complex in three to six months after the Willows is renovated and occupancy picks up. According to Tarrant County tax records, the seller is Lsf5 Willows LLC, which had given oversight to a Dallas law firm.

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