JARS Partners has acquired Monterrey Apartments and Townhomes, a 105-unit property in Fort Worth, Texas. According to Yardi Matrix, the seller, Napali Capital, had purchased the asset three years ago from TwinkleStar Asset.
Dougherty Mortgage secured Fannie Mae acquisition financing through a partnership with Old Capital Lending. The amount of the 12-year loan was $7.4 million, Yardi Matrix data shows. At the beginning of this year, Dougherty also arranged financing for the acquisition of a 464-unit community in suburban Dallas.
Built in 1969, the 14-building Monterrey Apartments comprises one-, two- and three-bedroom units, with vaulted ceilings, walk-in closets and private balconies. Common-area amenities include laundry facilities, a swimming pool, picnic area and a playground.
Located at 7100 W. Vickery Blvd. on 7 acres, the property is within 2 miles of interstates 20 and 820. The surrounding area includes several larger retail and dining options, including The Shops at Clearfork, which is 3 miles from Monterrey.