(Read more on the multifamily market.)
GRAND PRAIRIE, TX-WillMax Capital Inc. has acquired the 348-unitFairways Apartment Homes in a value-add plan that will pump $5,000to $6,000 per door into the repositioning. The asset has been soldby a three-year owner for north of $10 million.
Jack Wensinger, principal of the Dallas-based investment group,tells GlobeSt.com that "our plan or intent is to hold three to fiveyears, upgrade it and try to reposition it." WillMax, with equitybacking from a New York City investment group, bested 11 otherwould-be buyers chasing the class B value-add deal for the 1450 N.SH 360 property.
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