Multifamily Apartment Project in the Dallas Fort Worth Metro
Location: Woodhaven neighborhood of Fort Worth, Texas
Acres: 10.4 acres
248 Units/496 Beds
One, Two, & Three Bedroom Apartments
Acquisition Cost: $17.3 M
Renovation Budget: $1.1 M
Financing: $14.6 M Bridge Loan
Woodridge apartment is 248-unit garden style apartment community located at 500 East Loop 820 in the city of Fort Worth, Texas. It is comprised of 128 one-bedroom units, 104 two-bedroom units and 16 three-bedroom units. This property is located in Woodhaven, a thriving and family friendly neighborhood with close proximity to retail, schools, libraries and parks. The project was purchased by RedBridge Capital/GFO Companies in a joint venture with Equity Resource Investment (“ERI”) in December 2017. ERI is a U.S. focused real estate private equity firm with $1 Billion assets under management, based in Boston, Massachusetts.
We acquired the Woodridge Apartments with an existing 98% occupancy and an in-place net operating income of approximately $1.15 million. Our strategy is to add additional bedrooms, renovate the interior and exterior of the property (including, the clubhouse and gym), modernize and rebrand the signage to generate a higher rental rate.