The Multifamily Group Brokers 224 Units in Fort Worth

//The Multifamily Group Brokers 224 Units in Fort Worth

The Multifamily Group Brokers 224 Units in Fort Worth

The Multifamily Group (TMG), a Dallas-based commercial real estate brokerage firm, recently sold a two-property portfolio comprised of 224 units off of Las Vegas Trail in west Fort Worth. TMG Managing Partners Paul Yazbeck and Jon Krebbs worked with the DFW-based seller and procured the buyer. The portfolio is the fourth sale that Paul and Jon have handled for the seller, David Lagat of Bella Asset Management.

Calmont Place was built in 1982 and consists of 97 units, Terrace on Calmont was built in 1960 and consists of 127 unit. The two properties are located just off Interstate 30 at the 820 intersection. Rent growth in Fort Worth has been higher than Dallas recently because Fort Worth has not seen as much new construction. According to Costar the Western Hills submarket’s overall occupancy is 96% and has projected annual rent growth of 3.8%.

The buyer 168 Realty Group is led by veteran investor Charles Ho. “Charles has a proven track record of improving assets in Dallas and Irving into communities where residents are proud to call home. He also likes that the City of Fort Worth is investing in the area.” said Krebbs.  The city recently bought the old YMCA on Calmont and is converting the property into a new community  center to serve the neighborhood residents.” “Charles strategically put on two Freddie SBL loans instead of a single larger loan” added Yazbeck “This late in the cycle, we are seeing investors getting increasingly creative to maximize their returns in markets with seemingly endless cap rate compression”