98%-Occupied Ft. Worth Complex Draws $2.3 Mil

FT. WORTH-Warren Properties Inc. of Rancho Santa Fe, CA has taken over a neighboring property to its 127-unit Warren House in Ft. Worth. The 100-unit Warwick Apartments had been on the market for about four months at an asking price of $2.3 million.

George Deuillet III, senior investment adviser for Phoenix-based Hendricks & Partners’ Dallas team, tells GlobeSt.com that the sale isn’t a sign that seller FSF Warwick Associates LP of Larkspur, CA is backing out of the Texas market. But, the group will close this month on another Ft. Worth complex and has two Dallas deals in the pipeline. “And, they’re looking to buy…all over,” says Deuillet.

The 32-year-old Warwick Apartments is a 98%-occupied, class B complex situated on about five acres at 2801 Las Vegas Trail. But its key selling point is that it neighbors another Warren Properties’ holding and “it gets them the corner,” says Deuillet, who represented the seller. The corner just happens to be the intersection of Calmont and Las Vegas Trail. The buyer handled the sale without a broker.