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Value-Add Buyer Nabs 220-Unit Foreclosure

FORT WORTH-LNR Properties sells Crescent Oaks to an all-cash buyer with ties to Pennsylvania and Texas. The deal nudges the $4.3-million ask, getting 60% of the loan value.

By Connie Gore | Updated on August 06, 2008

FORT WORTH-A Pennsylvania investor, pushing past nine other offers, has claimed the 220-unit Crescent Oaks Apartment Homes for close to the $4.35-million ask. The 55%-leased asset in West Fort Worth is part of a nationwide foreclosure of MBS Cos. of Metairie, LA.

TJ Shan of Harleysville, PA, backed by equity from a Highland Park, TX family, scored the win of the 3001 W. Normandale St. property with an all-cash offer. “Given the market, we elected to go with the second highest bidder because of his history, reputation and ability to perform,” Peter Hartnett, associate partner in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com. “The key right now is trying to find people who can carry their own paper.”

The sweet spot to the acquisition is the buyer got the deed for 60% of the loan balance, according to Hartnett, who was selling the deal for Miami-based LNR Properties Inc. “It’s hard to lose on that,” he adds. MBS filed for bankruptcy in late 2007. About two weeks ago, two more complexes were sold in Houston after being pulled from receivership, but Hartnett says Crescent Oaks possibly is the first actual foreclosure in the stack to sell in Texas.

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