Presidium Group Sells Fort Worth 265-Unit Community
- Nov 25, 2019
Pauls Corp. has acquired The Ascent at Lake Worth, a 265-unit asset in Fort Worth, Texas, from Presidium Group. Yardi Matrix data shows the acquisition was financed through a $19.9 million Fannie Mae loan arranged by NorthMarq Capital, which includes a 2.25 percent fixed interest rate and a maturity date set for 2029.
Located at 6303 Shady Oaks Manor Drive adjacent to Interstate 820, the property is close to some of the metro’s major employers: Fort Worth Medical District, Alliance Town Center, Lockheed Martin, Lake Worth Market Place, UNT Health Science Center, Montgomery Plaza, Sundance Square and Beach Street Business Park. Additionally, the area has experienced a population growth of 43 percent and an average household income increase of 33 percent over the past nine years.
Completed in 1970 on a 16.7-acre site, The Ascent at Lake Worth consists of 12 three-story buildings and includes common-area amenities such as two pools, a fitness center, a clubhouse, a dog park and a playground. The property comprises studio, one-, two- and three-bedroom floorplans, as well as penthouse apartments, ranging from 500 to 1,200 square feet. The community was 94 percent occupied as of October, per Yardi Matrix information. The new owner intends to implement planned extensive interior and exterior renovations.
NorthMarq Managing Director Taylor Snoddy, Senior Vice President Philip Wiegand and Senior Vice President James Roberts worked on behalf of the seller. Meanwhile, Managing Director Stephen Whitehead, Senior Vice President Lauren Bresky and Vice President Will Hancock secured the permanent-fixed financing. Recently, the company announced it has selected Jeffrey Weidell as its next CEO.