Equity Return Multiple
Property Type: Multifamily
Sold in Q2 2019 in a joint-venture partnership with Adams LaSalle Realty, Victorian Quarters at Team Ranch is a 248-unit apartment community located southwest of Ft. Worth, Texas. The property is situated near Interstate 20, Loop 820 SW, Highway 183, and the new Chisholm Trail Parkway giving its residents easy access to major retailers and close proximity to downtown Ft. Worth. The property is a mix of 1 bedroom, 2 bedrooms, and 3 bedrooms with some units having a garage, fireplace, and/or study. Amenities include a resort-style swimming pool, fitness center, clubhouse, balcony or patio, 9 foot ceilings, garden tub, and dishwasher.
Over the 3 years of ownership, interior upgrades were completed to about 1/3 of the property. Renovations included flooring, blinds, ceiling fans, and new lighting and plumbing fixtures with USB plugs installed in the kitchens. All of the buildings roofs were replaced in 2016. Overall, approximately $1.3M worth of capital projects were completed during the hold term.