FORT WORTH-A portfolio of three class B- multifamily properties – two foreclosed communities and one in receivership – has hit the market with a list price of $14.45 million.
Marketed by Wells Asset Management Inc. of Dallas, the properties include: Oakwood Estates, a 280-unit community; Oak Village, a 152-unit community; and Carlyle Crossing, a 138-unit community. All three properties are located in southwest Fort Worth between Interstate 20 and Interstate 30.
JER Partners foreclosed on Oak Village and Carlyle Crossing. The lender also holds the note on Oakwood Estates, which is in receivership.
When JER Partners took back the properties, they were nearly vacant. The lender and the receiver have worked to bring the occupancy rate from single-digit occupancy to more than 80% occupancy.
Additionally, the properties have been renovated. A total of $4.6 million has been invested in the properties to upgrade the roofs, unit interiors and access gates, according to Mike Wells of Wells Asset Management Inc.
“The big stuff has already been done, and an investor can come in and still get a value-added opportunity by leasing up the vacant units and pushing rent,” Wells tells GlobeSt.
Situated on 12 acres, Oakwood Estates has a list price of $9 million. It has assumable financing for 80% LTV at a 5.46% interest rate with 30-year amortization.
Oak Village is listed at $2.9 million. Built in 1980, the property is 100% leased on all available floor plans, and 11 down units remain.
Built in 1980, Carlyle Crossing is listed at $2.6 million. It features large floor plans averaging 929 square feet, and is 90% occupied on leasable units. Currently, there are nine down units.
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