Fort Worth Communities Change Hands
- Feb 18, 2020
TwinkleStar Asset has sold Wedgewood and Villas Del Sol, two of its multifamily properties totaling 222 units in Fort Worth, Texas, to a local private investor. The new owner financed the acquisition with a $15.1 million loan provided by Fannie Mae, according to public records.
Marcus & Millichap procured the buyer and represented the seller, which acquired the communities in 2016 from Strategic Property Investment, according to Yardi Matrix. The new owner plans to change the property management company and execute a capital improvement plan on the two assets.
Built in 1969, Wedgewood is a 118-unit community located at 2819 Walton Ave. on roughly 6 acres. Situated at 6100 Westcreek Drive on 3.5 acres, Villas Del Sol was completed in 1979 and comprises 104 units. Situated roughly 10 miles south of downtown Fort Worth, the properties are within half a mile of each other and 1 mile from Interstate 20. Several shopping and dining options are available within walking distance.
The team that negotiated the sale included Senior Managing Director Al Silva and Associate Dan Mullen from Marcus & Millichap’s Forth Worth office. Last December, Silva brokered the sale of The Apartments at Fountains Corner, a 418-unit community in Fort Worth.