Multifamily: "Value-Add is the Hot Term in the Metroplex

FORT WORTH-On behalf of clients, Wells Asset Management Inc. recently closed on three multifamily properties in different transactions in the metroplex. The three assets are the local 140-unit Westwind Apartments, the 72-unit Rosegate in Garland, TX and the 117-unit Foxhollow Apartments in Dallas.

According to Wells’ senior vice president and principal Robert D. Aiello, Westwind Apartments, at 4300 Old Benbrook Rd., was sold by an out-of-state seller to a California buyer in a pure value-add play. Aiello noted that Southwest Securities financed the transaction with help from a three-year, sub-4% interest loan, with plans to obtain more permanent financing once improvements have been made. “The new owner will put approximately $450,000 in rehab including new appliances and flooring,” Aiello says. “He wants to upgrade a 1982 property to 1998.”