"The broker called us and said 'this is a deal for you,'"recalls Jay O'Connor, founding partner of Mosaic Residential, whichhas been carving out its niche in Texas metros with value-addacquisitions. The retooling at the 95%-leased Waters ParkApartments, situated on 8.16 acres at 1401 Shady Lane, got underway as soon as the deed changed hands. O'Connor tells GlobeSt.comthat the upside will come from a management change andpost-renovation rent hikes that are projected to be $125 per monthfor each unit. The complex's average monthly rent presently is$672.

Mosaic Residential slid in its in-house management team toreplace the seller's out-of-state property manager, according toO'Connor. The seller was a limited partnership from Clifton, NJ,which bought the 18-building complex in November 1999 based onTarrant County tax records.

Built in 1978, Waters Park Apartments abuts a 60-acrefull-service municipal park with a stocked lake and fishing pier.Other park features are lighted jogging trails, sports fields,fitness center, lazy river water park and senior citizens'center.