WAK Management Sells Fort Worth Asset
- Dec 03, 2019
Property management firm WAK Management has sold The Apartments at Fountains Corner, a 418-unit community in Fort Worth, Texas. The company owned the property for more than 20 years.
The buyer of the 62-building asset is a Texas-based private investment group, according to a statement by Marcus & Millichap. Al Silva, Senior Managing Director Investments in the brokerage’s Fort Worth office, marketed the property on behalf of the seller and secured the unnamed buyer.
Built between 1967 and 1969, the community is made up of four phases located at 5074 Walden Ave. (105 units), 4151 SW Loop 820 (112 units), 5054 Hildring Drive E. (115 units) and 5160 Hildring Drive (86 units). The property attracted 10 offers from investment groups across the U.S. during a four-week marketing process. The new owners of the 18.5-acre property plan a multi-million-dollar overhaul that will include improvements to the exteriors and common area amenities and significant renovations to unit interiors.
The two-story community features one-, two- and three-bedroom units and standard clubhouse, pool and laundry amenities. The Apartments at Fountains Corner is located along Interstate 20 at Granbury Road, south of downtown Fort Worth nearby the Hulen Mall and Texas Christian University.
The sale by WAK Management follows the company’s acquisition of the 360-unit Coventry at Cityview in southwest Fort Worth in October. WAK Management bought the asset at 5200 Bryant Irvin Road from Harbor Group International for an undisclosed price, financing the acquisition through a $38.8 million, 10-year Freddie Mac loan.