April 17, 2019
David Lagat with Bella Asset Management sold a 224-unit portfolio, consisting of two Class B apartment complexes in west Fort Worth. The buyer, 168 Realty Group, led by Charles Ho, acquired the 97-unit Calmont Place at 8700 Calmont Ave., and the nearby Terrace on Calmont, consisting of 127 units at 8701 Calmont Ave.
Paul Yazbeck and Jon Krebbs with The Multifamily Group marketed the properties on behalf of the local seller, and procured the Plano, TX buyer. Calmont Place opened in 1982, while Terrace on Calmont came on line in 1960.
Krebbs said the buyer has a proven track record when it comes to property improvements. “Charles strategically put on two Freddie SBL loans instead of a single larger loan,” Yazbeck added. “This late in the cycle, we are seeing investors getting increasingly creative to maximize their returns in markets with seemingly endless cap rate compression.”
For comments, questions or concerns, please contact Amy Sorter