Cottonwood, Texsun Mark Second Buy in Texas
The two properties will go through a $5 million capital improvement plan.
Cottonwood Group and Texsun Holdings have acquired a Fort Worth, Texas, multifamily portfolio, totaling 480 units and 342,000 square feet. The two properties were purchased through Cottonwood Real Estate Founders Fund. This is the second multifamily acquisition for the joint venture this year. Varia U.S. Properties sold the two communities, Yardi Matrix data shows.
Woodstone Apartments is located at 6051 Bridge St. and encompasses one- and two-bedroom floorplans ranging from 510 to 1,012 square feet. All units are equipped with washer and dryer hookups. Common-area amenities include a swimming pool, laundry facilities, a clubhouse and 300 parking spots.
The 12-building, 200-unit property is situated across Interstate 30, 6.7 miles from downtown Fort Worth, 8.9 miles from University of Texas at Arlington and 14.4 miles from American Airlines’ headquarters.
Bridge Hollow Apartments is located at 5801 Bridge St. and is composed of one- and two-bedroom units ranging in size from 500 to 975 square feet. Common-area amenities include a swimming pool, a spa center, a clubhouse, two laundry facilities and 400 parking spots.
The 20-building community offers 280 units and is situated 5.9 miles from Fort Worth Water Gardens, 8.3 miles from Montgomery Plaza and 12.1 miles from Fort Worth Meacham International Airport. Major employers of the area include JP Morgan Chase, Bank of America and Baylor Scott & White Health.
Portfolio repositioning
The two multifamily communities, completed in 1984, are situated 0.6 miles from each other. The properties will go through an approximately $5 million improvement plan. The partnership’s first portfolio acquisition in Texas consists of the San Mateo Apartments and Heights on Perrin Apartments. The two assets were bought from Turner Impact, with funding provided by Ready Capital, Yardi Matrix data shows. Texsun plans to continue its expansion in Texas, said Co-Founder & Managing Partner Sean Fogelman, in a prepared statement.
According to a recent Yardi Matrix report, Dallas-Fort Worth maintains its solid performance in 2022. The metro’s employment rate improved by 6.7 percent, representing 267,800 jobs added in the 12 months ending in March. DFW’s sales volume increased to $4.8 billion during the first five months of this year, surpassing the amount registered in the same period of 2021. The metro also ranked first in a top 10 multifamily markets by sales volume in 2021, leading the nation with a $14.6 billion volume, representing 551 properties sold, and surpassing 2020 and 2019’s combined amount.
