SWBC Sells North Fort Worth Community Under the Radar
- Sep 17, 2015
Forth Worth, Texas—Dallas-based SWBC Real Estate sold its Overlook Ranch Apartment Complex in north Fort Worth in an off-market transaction for an undisclosed amount. The firm developed the community in partnership with American National Insurance Co., completing it in July 2015. CAF Capital Partners is the new owner.
“It was a good time to sell Overlook Ranch, as the apartment market is strong and should continue to be healthy into the foreseeable future,” said Terry Gwin, president of SWBC Real Estate. “Rents are up, vacancies are down, and population growth in north Texas continues to increase at a rapid pace. Texas is a hot market for multifamily properties, with a lot of qualified buyers looking for good, cash-flowing properties. Additionally, the Alliance Texas corridor of north Fort Worth continues to add high-paying jobs, which should help to keep the rental market within the area in high demand.”
The property is located at 3101 Alliance Gateway Freeway, not far from the recently announced $1 billion Facebook Data Center. Also in close proximity are Alliance Town Center and Alliance Airport.
“We have been looking for an acquisition opportunity in the Alliance area for some time,” said Chris Faulkner, CEO of CAF Capital Partners. “We are thrilled with the quality and location of Overlook Ranch. Given the positive dynamics of the area, we will look for additional opportunities to acquire properties in the Alliance corridor.”
Overlook Ranch is a Class A community with 318 garden-style units, including one-, two- and three-bedroom layouts. Common-area amenities include a clubhouse, fitness center, pet park, resort-style swimming pool and conference room. Unit amenities feature garden tubs, hardwood flooring, vaulted ceilings, patios and island kitchens.
Image courtesy of CAF Capital Partners