Peter Hartnett, associate partner with Hendricks & Partners in Dallas, says Courtyard on Calmont at 6760 Calmont Ave. in West Fort Worth has gone back to local investor Paul Carpenter in an off-market deal with Bayview Financial Holdings LP of Miami. He originally paid $600,000 for the asset, sold it for $1.2 million and reclaimed it for $700,000, Hartnett tells GlobeSt.com. According to Tarrant County tax records, Bayview Financial took back the 1.1-acre complex from Multi-Flex Corp. of Rancho Cucamonga, CA.
Hartnett says "three or four offers" surfaced as word got out that foreclosure was imminent. He adds that the buyer, also keeping his eye on the property, moved in for the close with an all-cash offer. "He didn't need to walk the property," the deal's sole broker says. "He will hold it for a couple years and wait for the market to rebound."
Hartnett says Courtyard on Calmont was emptied after a chiller went down. "People were bailing out right and left," he says, adding close to $300,000 of upgrades are needed to get the complex back on line. As before, Carpenter intends to manage the complex himself.
Courtyard on Calmont has one- and two-bedroom units from 600 sf to 910 sf. When it was operational, rents had been $525 to $675 per month.
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