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FORT WORTH-A Scottsdale, AZ multifamily buyer has taken keys to 240 units in southwest Fort Worth to outbid eight others for a 94%-leased asset that carried a $6.7 million asking price.

Windsor Capital LLC acquired Colony on the Green at 6051 Karen Circle from Aspen Square Management of West Springfield, MA to close the books on a two-year repositioning plan. The new owner will make more improvements although Aspen Square completed a full makeover, which was underway by a prior owner when the lender foreclosed, Don Ostroff, director of multi-housing investments for Cushman & Wakefield of Texas Inc., tells GlobeSt.com. Aspen Square stabilized the class C development and brought it market seven months ago.

The 42-building development sits on 20 acres in a low density area as “one of the premier older properties in southwest Fort Worth,” Ostroff says. The complex is situated across the street from Ridgelea Country Club and abuts a “for sale” townhouse development, with prices tags upward of $190,000. The next neighbor over is an under-construction, class A multifamily project with 200 units, average sizes of 1,000 sf and rents ranging from $900 to $950 per month. In other words, Winston Capital has bought a holding with “significant long-term value,” Ostroff explains. “It’s an attractive investment that will always be well leased.”

The selling price is under a gag rule, but the offers, condition and location easily point to a check that was close to the ask. The Colony on the Green, built in 1950, is outfitted with two-bedroom, one-bath designs of 700 sf. The monthly rent is $525 plus electric.

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