Upgrades Boost Fort Worth Asset’s Appeal

Greysteel arranged the sale of a 53-unit community in Fort Worth. Recent capital improvements attracted investors and will enable future rent increases.

The Willowick Apartments, a rental community situated in Fort Worth, Texas, has changed ownership in a transaction arranged by Greysteel. According to Yardi Matrix data, Brett C. and Suzanne M. Breeden sold the 53-unit property to Rajeswari Guntnur, a locally-based private owner. The asset is currently 94.2 percent occupied.

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Located at 2323 Ridgmar Blvd., the 56-year-old apartment community features one- and two-bedroom units averaging 836 square feet in size and offering patios or balconies, with rents varying between $695 and $1,150, per Yardi Matrix. The community’s most notable feature is its pool, which recently benefitted from enhancements that included resurfacing and new pool furniture. Other recent improvements included roof replacement, mechanical system upgrades, new property-owned laundry equipment, painting of exterior trim and improved exterior lighting.

Enabling rent increases

The buyer indicated the investment’s appeal was based on these capital improvements, which will help trim future expenses while adding longevity to the asset. The improvements should also enable the buyer to increase rents.

Willowick Apartments is situated in one of the most desirable neighborhoods within the Dallas-Fort Worth Metroplex. The location places residents close to a number of transportation conveniences. Among them is one of the area’s most popular vehicular corridors, Interstate 30. That roadway is two blocks south of Willowick Apartments.

The property is within short drives from other transportation corridors that include Interstate 820, Interstate 20, Chisholm Trail Parkway, Interstate 35 and State Highway 183. Residents also have access to bus transportation within a block of the property via bus route 027 of “The T,” the Fort Worth Transit System. Route 027 provides access to the remainder of “The T” routes. These include the Trinity Railway Express, which can link residents to Dallas and the Metroplex in its entirety.

The Greysteel team handling this transaction was comprised of Senior Managing Director Doug Banerjee, Managing Director Boyan Radic and Director Andrew Mueller, all working in the firm’s Dallas and Fort Worth offices.