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FORT WORTH, TX-Atlas Properties this week said it has acquired the an historic high-rise apartment building in the Fort Worth CBD in a joint venture with Dallas-based Silverado Interests and a few local investors. Atlas will manage the property and is planning a multi-phase renovation.

The 173,000-square-foot, 18-story structure was built in 1929 and is listed on the National Register of Historic Places. The street address is 410 W 7th St. The art deco former office building was converted to 106 apartments above street-level commercial in 1996 and remains that way today. The apartments are 88% leased; the street-level space is fully leased by a design firm, a corporate printing service and an architecture firm.

Atlas Properties’ president Adam Blake tells GlobeSt.com the plan is to upgrade the available units, rent them out, and then upgrade the remainder of the units as they come available. Approximately half of the units are rent-controlled one-bedroom units that rent for approximately $645 per month. The remainder is one- and two-bedroom market rent units that range from $845 per month to $1150 per month.

The company owns both low-rise suburban apartments and urban high-rise units. Lately, the company has been more focused on snapping up bank-owned single family homes, which they then rent out and gain a solid cash-on–cash return with the expectation that five years from now the home will have appreciated in value enough to provide an IRR in the 25-30% range. The company has acquired “several hundred” units so far, Blake says.

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