A local investor has purchased the 127-unit Terrace on Commons and the adjacent 96-unit Calmont Place in Fort Worth, Texas. Hunt Real Estate Capital originated a $3.7 million Freddie Mac acquisition financing for the first property and $2.7 million for the latter. Both loans are set to mature in 2029, according to Yardi Matrix information. The seller was Texas-based Bella Asset Management.
Located at 8701 Calmont Ave., Terrace on Commons comprises studio, one- and two-bedroom apartments spread across five one-, two- and three-story buildings. Built in 1960 on a 3.4-acre site, the gated community includes common-area amenities such as a pool and stand-alone rental office. Per Yardi Matrix data, the property was 96.1 percent occupied as of March.
Situated at 8700 Calmont Ave., Calmont Place features studio and one-bedroom apartments and common-area amenities that include a pool and laundry facilities. The four two- and three-story buildings were completed in 1982. In March the asset was 96.9 percent leased, according to Yardi Matrix information. Both communities are less than 10 miles from Fort Worth, being close to the intersection of interstates 30 and 820.
Recently, Hunt Real Estate Capital originated a $5 million Freddie Mac acquisition loan for a 75-unit San Antonio community.