FORT WORTH— New York -based Iliad Properties,LLC purchased The Lodge, a 136-unit value-add apartmentcomplex located at 6500 Oakland Hills Dr. in Fort Worth fromWilliam Migneault for anundisclosed price. CBRE completed the sale.

Iliad Properties plans to invest in improvements to bothinterior and exterior elements of the complex. With more than sevenproperties in Tarrant County, the company also plans to expand itsholdings in the Woodhaven area further in 2014.

Chris Deuillet of CBRE tells GlobeSt.com, “FortWorth is seeing a tight market with rents up 5% this year, withfewer properties giving concessions. We have a 94% occupancy rate,which is up 2% from last year. In the past few years, severalWoodhaven assets have undergone improvements that both the propertyneeds and the area expects. Investors are aggressively looking forvalue-add opportunities where they can obtain a significant returnon their investments, and the Woodhaven area is providing thatopportunity.”