X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-The 50-unit Courtyards on Calmont in Fort Worth has changed hands with 1031 Exchange money and a $682,000 loan.

Buyer Keller Properties LP of Fort Worth secured the deed for 6760 Calmont from a private investment group, the Steven L. Barsby Profit-Sharing Retirement Plan in Columbus, NC. La Jolla Bank provided the acquisition capital in a package put together by its Dallas loan officer, Sean P. Bushe. He tells GlobeSt.com that the financing is a 30-year loan at a 5% interest rate.

The sale of the class C-plus asset, which was on the market for six months, is the first of two in Dallas-Fort Worth to reach the closing table for the seller, according to Bushe. A Dallas property is under contract.

The 88%-occupied Courtyards on Calmont, sitting on about 1.5 acres, did not have any deferred maintenance, Bushe adds. The Tarrant County Appraisal District placed the complex and 1.1-acre tract’s value at more than $1.1 million for its 2002 assessment.

Steve Fithian, principal for Frontline Properties in Fort Worth, brokered the sale. Keller Properties was turning around proceeds from another multifamily property that it sold in the region.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.