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FORT WORTH-Realty Capital Corp. has turned loose the deed to Silver Leaf Villas, an 89%-leased, class A complex, for about $14 million to a Texas-based affordable housing buyer.

The 176-unit complex at 8515 John T. White Rd. in southeast Fort Worth was on the market about eight months, attracting five would-be buyers for the one-year-old, garden-style complex, Denis Heeter, senior vice president for Coldwell Banker Commercial DFW, tells GlobeSt.com. To make the close, Atlantic Housing Foundation or AHF, assumed a $10.1-million, non-recourse HUD loan, with an 4.2% fixed interest rate, 40-year amortization and five-year lockout. Heeter says the property brought about $14 million, closing three months after it went under contract.

The mix of one-, two- and three-bedroom units sits on 7.9 acres a block north of Interstate 30 in the Eastchase retail corridor. Units range from 684 sf to 1,185 sf and bring in monthly rents of $690 to $1,099. Heeter says the upside will be gleaned from the planned long-term hold as concessions burn off. The signing bait has been one month’s free rent for a year’s lease and in some cases move-in bonuses.

Heeter and S. Thomas Mitchell, a principal with Coldwell Banker Commercial DFW, represented the buyer of record, AHF-Silverleaf LLC. AHF, headquartered in Amarillo, is the state’s largest non-profit affordable housing provider. The Grapevine-based Realty Capital, led by Richard Myers, used in-house representation to package the sale for an asset carrying a $10.5-million assessment from Tarrant County.

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