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Conti Buys Third Woodhaven Complex

FORT WORTH-The value-add buyer gets the 216-unit Sterling Pointe Apartments for $3.3 million, bumping its holdings to 600 units in one of the city's struggling neighborhoods.

By Connie Gore | Updated on July 28, 2008

FORT WORTH-The Conti Group has solidified its positioning in the Woodhaven neighborhood, picking up another 216 units for $3.3 million. The deal pushes the Dallas-based value-add buyer’s foothold to 600 units, all practically side by side in northeast Fort Worth.

Carlos Vaz, the Conti Group’s founder, tells GlobeSt.com that $300,000 to $400,000 will be put into upgrading Sterling Pointe Apartments at 6001 Oakland Hills Dr. He says the value-add strategy for the class B-minus complex, built in 1984 on 7.4 acres, is starting with 59% occupancy, similar to Conti’s other nearby properties, the 208-unit Huntington Apartments at 5700 Boca Raton Blvd., which is now 99% leased, and 176-unit Willows of Woodhaven at 5816 Boca Raton Blvd., which has inched above 80% occupancy.

Vaz says the post-renovation plan is to bump rents to 67 cents per sf from 60 cents per sf without any leasing concessions like free rent. The complex has 152 one-bedroom units of 671 sf and the balance is two-bedroom apartments in a 965-sf design.

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