Kamco has acquired the Fox Haven Apartments, a 1985 product situated on nearly four acres at 7275 Hickory St. between Preston Road and the Dallas North Tollway. The six-building complex is 96% occupied. Kamco bought the property from Fox Haven Ltd., a Texas-based investment group. Robert Lankford of Kamco Property handled both sides of the transaction.
"It's a good quality asset," Kaminski says. The take-over will bring controlled access gates and carports in a plan to hold for possibly as long as 10 years. The exit strategy, he explains, will probably result in a condo conversion.
Location and the complex's ability to compete with newer product made it a good buy. "We can easily rent for 25 cents less per sf (than the competitors) and still have a strong return on investment," he said in a prepared statement. Kamco's portfolio consists of 1,500 apartments plus industrial, self storage and retail properties.
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