FORT WORTH— New York -based Iliad Properties, LLC purchased The Lodge, a 136-unit value-add apartment complex located at 6500 Oakland Hills Dr. in Fort Worth from William Migneault for an undisclosed price. CBRE completed the sale.
Iliad Properties plans to invest in improvements to both interior and exterior elements of the complex. With more than seven properties in Tarrant County, the company also plans to expand its holdings in the Woodhaven area further in 2014.
Chris Deuillet of CBRE tells GlobeSt.com, “Fort Worth is seeing a tight market with rents up 5% this year, with fewer properties giving concessions. We have a 94% occupancy rate, which is up 2% from last year. In the past few years, several Woodhaven assets have undergone improvements that both the property needs and the area expects. Investors are aggressively looking for value-add opportunities where they can obtain a significant return on their investments, and the Woodhaven area is providing that opportunity.”
As a submarket, Woodhaven is improving.
“In the broad view,” says Deuillet, “we’re seeing a lot of new people registering interest on properties. It’s a strong buyer pool.”
The Lodge is located less than a quarter of a mile from Interstate 30, one of Fort Worth’s major freeways. Community amenities include an on-site swimming pool, business center and laundry facility. Additionally, apartment units feature fireplaces, walk-in closets, vinyl wood flooring and two-toned paint.
Deuillet of CBRE in Dallas coordinated the sale.