The property is well located--north of Interstate 30 and west of Loop 820--but in need of $500,000 in improvements. The condition caused the facility to be 28% vacant at the time of sale. The sales price has not been released, but one local source says the property sold for "under $20,000 per unit."
The property was never listed for sale. Steve Fithian of Visions Realty & Investments Inc. represented the buyers: Jesse Thomas LLC, Forest Creek Elconin LP and Migneault Fort Worth LP. The seller, Forest Woodhaven Partners LP, was represented by Scott Henderson of Coldwell Banker Commercial DFW LLC.
"My buyers are opportunist buyers and feel that with good management, they can turn that property around," he said, noting that the upgrade dollars will be spent on the complex's interiors, landscaping, clubhouse, pool and drainage. "If they're able to correct the problems, they're going to have a very good return."
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