Calvera Partners Enters DFW Market

Saddlehorn Vista Apartments was built in 1986. Image courtesy of Yardi Matrix

Calvera Partners has acquired Saddlehorn Vista Apartments, a 192-unit multifamily community in Fort Worth, Texas. The seller was a private individual, according to Yardi Matrix data. The asset last traded in 2021, involving a $13.9 million loan from Lument Debt Funds, the same data provider shows.

Completed in 1986, the property comprises 17 two-story buildings which incorporate one-, two- and three-bedroom floorplans ranging from 550 to 1,200 square feet. Apartments feature walk-in closets and ceiling fans, along with fireplaces for select layouts. Common-area amenities include a laundry facility, two swimming pools, a playground and a dog park, as well as 400 parking spaces.

Located at 2925 W. Normandale St., the 23-acre property is near interstates 820 and 30. It is roughly 10 miles west of downtown Fort Worth. It is also near the McNair Stadium.

A steady performance in DFW

This is the buyer’s first acquisition in the Metroplex, as well as the final purchase through the firm’s third value-add investment fund, the Multifamily Transformation Fund. Calvera Managing Principal Brian Chuck stated in prepared remarks that the firm has been eyeing the Dallas-Fort Worth market for a while but has exercised patience since prices peaked in 2021, in order to enter the market at a more advantageous time.

During the first five months of the year, multifamily transactions in Dallas Fort-Worth totaled $1.1 billion, at an average price per unit of $158,569, below the national figure of $179,358, according to a recent Yardi Matrix report. On a trailing three-month basis through May, rents in the Metroplex plateaued, reaching an average of $1,553, the same source shows.