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FORT WORTH-The Conti Group has solidified its positioning in the Woodhaven neighborhood, picking up another 216 units for $3.3 million. The deal pushes the Dallas-based value-add buyer’s foothold to 600 units, all practically side by side in northeast Fort Worth.

Carlos Vaz, the Conti Group’s founder, tells GlobeSt.com that $300,000 to $400,000 will be put into upgrading Sterling Pointe Apartments at 6001 Oakland Hills Dr. He says the value-add strategy for the class B-minus complex, built in 1984 on 7.4 acres, is starting with 59% occupancy, similar to Conti’s other nearby properties, the 208-unit Huntington Apartments at 5700 Boca Raton Blvd., which is now 99% leased, and 176-unit Willows of Woodhaven at 5816 Boca Raton Blvd., which has inched above 80% occupancy.

Vaz says the post-renovation plan is to bump rents to 67 cents per sf from 60 cents per sf without any leasing concessions like free rent. The complex has 152 one-bedroom units of 671 sf and the balance is two-bedroom apartments in a 965-sf design.

Vaz says the upgrades will be a mix of improved security measures and exterior work, including landscaping. “We’ll give you a nice place to live and safety,” he says, citing re-tenanting as part of his plan. The Woodhaven neighborhood has been a trouble spot for local authorities and owners, who have banded together to tackle myriad problems created by a rising crime rate.

Conti acquired Sterling Pointe from Dallas-based Wells Asset Management Inc. in a deal brokered by its vice president Robert Aiello. Vaz says the complex was marketed for awhile at $4.05 million and then he jumped in with an offer after the market run ended. According to Tarrant Central Appraisal District, the seller of record is Sterling Pointe Development Associates Inc. LP of Richardson, TX.

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