Matthews™ Closes 62-Unit Multifamily Property in Fort Worth, TX

Property is Located with Easy Access to Downtown Fort Worth

Fort Worth, TX — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a 62-unit garden-style multifamily asset, Amberwood Apartments, located at 800 Hamsted Street, Fort Worth, TX 76115. This apartment community offered investors the opportunity to purchase a stabilized asset in one of the best workforce housing locations in the Fort Worth area with value-add potential. Senior Associate Jared Rice and Associate Harris McKay completed the transaction.

 

Built in 1969, Amberwood is a Class C asset in the Southside Submarket of Fort Worth with phenomenal access to I-20 and I-35W. Residents have access to the Hulen Mall, the Fort Worth Medical District, downtown Fort Worth, and the Dallas-Fort Worth Metroplex. In addition, only one market-rate competitor is within a one-mile radius of the property. Having fully accomplished their 5-year business plan, ownership ultimately chose to dispose of this investment property to cash out their limited partners and refocus their attention on additional assets in their portfolio.

 

“We were able to avoid a quite challenging and volatile interest rate environment by coming to an agreement involving the buyer’s assumption of the existing Fannie Mae loan,” said Rice.

 

The buyer, Bakerson LLC, in partnership with Massive Capital, was looking to expand their local multifamily presence throughout DFW. Their purchase of Amberwood helps add scale to their existing apartment holdings nearby.

 

“The seller completely turned over the property, thoroughly upgraded unit interiors, underwent a significant CapEx plan, and ultimately increased the quality of the tenants throughout their term of ownership,” said McKay. “This allowed the buyer to purchase an extremely well-run stabilized asset with remaining value-add potential.”

 

For more information, or to contact Jared Rice and Harris McKay, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 500 agents and support staff in 15+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.