FORT WORTH – A Canadian-based investment group has sold the 152-unit Antiqua Village Apartments in a southeast Fort Worth neighborhood that's been awaiting its turn at redevelopment.
Occupancy was 93.5% at sale time for the 10-building Antiqua Village at 5320 E. Rosedale St. The complex is part of the Cavile Place Neighborhood Transformation Plan, a 15-year initiative to breathe new life into a struggling residential pocket, locally known as Stop Six.
Sam Pettigrew, partner of Cantrell Co. & Partners, represented the seller, Republic Antiqua Village LP. The buyer of record is M&D Antiqua Village LLC, a Texas-based entity.
"The city had expressed interest in this property at one point," says Pettigrew, the sole broker on the transaction. "They're putting a great deal of effort into the Stop Six neighborhood." Among the changes to date is Rosedale Street's expansion to four lanes from two.
Antiqua Village Apartments drew 12 offers. "It was being marketed for less than the typical class C property. Its cap rate also was higher," Pettigrew says. "It clearly was priced right for the market."
The seller had invested $1.45 million into renovating the complex in the past three years. A majority of the units have been upgraded. The average rent is $734 per month, roughly $110 per month less than comparable multifamily properties in the neighborhood.
"The opportunity to push rents and complete the renovation definitely helped to drive up interest," Pettigrew says. "In the Dallas/Fort Worth market, there are only a limited
amount of class C deals available with a value-add component for some upside."
Antiqua Village is located within walking distance of Rosedale Plaza Park. It's also close to Fort Worth Independent School District's Maude I. Logan Elementary School, J. Martin Jacquet Middle School and Dunbar High School.
Developed in 1972, Antiqua Village is designed for families: it's predominately two- and three-bedroom apartments, ranging from 850 sf to 1,050. There are 16 one-bedroom units, each 700 sf. All rentals are individually metered for electricity. They also have individual HVAC and water heaters.
With the sale now closed, the buyer plans to tackle the balance of the unit upgrades, which include faux wood flooring, contemporary white kitchen cabinets with tile backsplashes and new appliances, modern wall colors and updated bathrooms.