Four multifamily properties in North Texas have changed hands, signaling another major investment in the region’s multifamily market.
:no_upscale():quality(75))
The deal comprises 272 units across Country Oaks and Saddle Ridge apartments in Weatherford and Atrium Gardens I and II in Arlington, according to Dallas-based The Cantrell Co., the brokerage firm behind the deal.
Mercury Metroplex Real Estate sold the garden-style portfolio, built in the 1970s and '80s, to Blue Ocean Capital, which raised $3M more than needed to fund the acquisition. Berkadia provided debt for the purchase, and Class A Management will manage the properties.
“They were oversubscribed,” The Cantrell Co. partner Sam Pettigrew said. “People were excited about the deal.”
The additional funds will heighten Blue Ocean’s planned improvements to the properties, which include interior and exterior upgrades. Pettigrew said the project will allow the company to command higher rents; however, rates will remain competitive with the surrounding area.
The acquisition is the latest in a series of moves made by investors looking to capitalize on North Texas’ red-hot multifamily market. DFW led the nation in multifamily investment in 2022, with close to $28B in sales, followed by Houston at No. 5 and Austin at No. 10, according to CBRE. The Metroplex also saw double-digit rent growth in 2021, per the report.
