X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-Realty Capital Partners Inc. has kicked in $3.7 million of equity for the land acquisition for second-phase construction of So7, setting up a 50-50 partnership for 62 condos and 12 townhouses.

Realty Capital amassed 45 investors in less than a day for the equity pool for Ken Hughes’ So7 Ltd. development group to buy and develop a 1.7-acre tract, Donna Arp, president of the Colleyville, TX-based Realty Capital Partners, tells GlobeSt.com. Another 18 investors are waiting in line in case someone opts out or the agreement is expanded, she says.

“We’ve been watching these projects,” Arp says. “The Fort Worth market is quite hot. And, we like working with developers who have a track record like Ken Hughes.” The developer’s signature project is Mockingbird Station in Dallas, a mixed-use redevelopment that recently changed hands to a group of foreign investors.

In So7, Hughes’ $12.5-million second phase has units averaging 1,325 sf and sale tags of $209,000 to $288,000. Construction will get under way in July, says Jorg Mast, partner in Hughes Development.

The first phase consisted of prepping the land, laying infrastructure and starting construction on 15 townhouses. Work will begin on another eight in the near term, Mast says. Before the month ends, eight units will have been sold, according to Mast. The build-out plan calls for townhouses, mid-rises and high-rise retail, condos and office space.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.