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FORT WORTH-A Downey, CA-based TIC group, buying for the first time in Texas, has grabbed the 288-unit Cross Creek Ranch Apartments in Tarrant County’s Benbrook section. The class B complex was on the market for $11.9 million.

Eastwood Investment Group II LLC beat 14 offers in a 2.5-month marketing blitz to win the 92%-leased complex at 5513 Crosscreek Lane from Bay Equity Real Estate Acquisitions of San Francisco, Tom Burns with Phoenix-based Hendricks & Partners’ Dallas office tells GlobeSt.com. The new owner is mum about the details, but has confirmed that a major overhaul of the holding is planned.

TIC principal Sam Ayoub has hired Devonshire Real Estate & Asset Management Group of Dallas to oversee the 27-building Cross Creek, situated on 13.4 acres near one of the region’s top employers, Lockheed-Martin Corp. Units average 833 sf; the market-rate rent runs 69 cents per sf or $578 per month.

The TIC buyer’s gated complex is a mix of 160 one- and 128 two-bedroom units, individually metered with full-size washer-dryer connections, which could set up a possible condo play. If Cross Creek remains a rental, upside could be gleaned from management changes and burning off concessions.

According to the marketing data, a full-price offer would translate into a 7.03% cap rate and a 7.40% pro forma. The final price couldn’t be obtained before publication time because buyers and sellers alike are getting skittish over brokers’ reports that Tarrant County Appraisal District is levying 100% assessments on published sales. The appraisal district has the 24-year-old, recently renovated complex assessed at $6.85 million.

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