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FORT WORTH-A Reno, NV, investor has shelled out $2.4 million for a 164-unit development in southeast Fort Worth, where the turnaround plan will bring an immediate $400,000 of repairs to bring it up to code.

Jeff Ratliff, EVP for AmeriSouth Real Estate Services Inc., tells GlobeSt.com that La Primavera Association LP, a first-time investor in North Texas, was one of several would-be buyers who placed an offer for 2201 E. Berry St., but the Nevada partnership became “the best buyer by far” when it matched the list price. The city-ordered repairs will be completed in 90 days at Spring Chase Apartments, which has been renamed to La Primavera, Ratliff says of the 92%-occupied complex in a low-income area of the city.

Ratliff says the buyer’s sister, experienced in multifamily repositioning, will move from Oakland, CA, to the property to oversee the renovations and turnaround plan. The full-price deal retired a $975,000 loan with Beal Bank and some $1 million in liens for seller John Baker of Arlington, according to Ratliff. John Brownlee of Holliday Fenoglio Fowler’s Dallas office arranged a 36-month acquisition and construction loan at 75% of the total cost with Comerica Bank’s Dallas office.

The property sits in an area showing early signs of a redevelopment. By Ratliff’s calculations, the new owner, post-renovation, could tack another $75 onto the monthly rents, which currently are $400 for a one-bedroom, one-bath unit and $500 for a two-bedroom, one-bath apartment. One-bedroom units are 546 sf and two-bedrooms, 795 sf.

Baker acquired the 34-year-old La Primavera Apartments in September 1998. Ratliff says the Reno buyer had the 23-building asset under contract for five months before all issues could be addressed and the deal ready to close. Brandon Rutledge of AmeriSouth, led by president Ruel M. Hamilton, was sole broker in the transaction.

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