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Local Investor Takes on “Highly Distressed,” Overleveraged MF Asset

FORT WORTH-The single-family investor acquires the 72-unit Edgewood Oaks Apartments in a first multifamily buy. Experts say look for similar class C deals that are overleveraged.

By Amy Sorter | Updated on September 19, 2011

FORT WORTH-Edgewood Holdings LLC has taken on the 72-unit Edgewood Oaks Apartments, buying the highly distressed and overleveraged class C asset from receivership.  The transaction marks the local single-family investor’s first multifamily acquisition.

Todd Franks with Dallas-based Cantrell Co. & Partners says the asset at 501 S. Edgewood Terrace was about 10% occupied and will require a lot of money in terms of renovation. “This was a distressed deal in an infill area,” comments Franks, who negotiated the transaction on behalf of the seller, an area receiver.

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