Richmond, VA – April 13, 2018 − 37th Parallel Properties (“37th Parallel”), a commercial multifamily acquisitions and asset management firm, announced today it has recently closed its latest acquisition, The Depot Apartments in Ft. Worth, TX.
The Depot is a 210 unit mid-rise complex, consisting of 42 studio, 63 one-bedroom apartments, and 105 two-bedroom apartments. Built in 2005, the complex has 187,740 feet of rentable space.
“The Ft. Worth market has excellent fundamentals. Its population is growing at nearly twice the national average and its unemployment rate of 3.8% is well below national indices,” Dan Chamberlain, COO of 37th Parallel commented, “In addition, the downtown Ft. Worth area was recently rated #1 by Livability magazine.”
The Depot was acquired via a 1031 Exchange. It is in close proximity to some excellent employment anchors including American Airlines and Texas Health Resources.
“Investors who participated in this exchange saw a significant increase in equity which should translate to accelerated yield for the next several years,” Chad Doty, CEO of 37th Parallel offered, “there was a good deal of excitement within our investment community to be a part of this project.”
Property amenities include a business center, a swimming pool, a fitness center, garages for select units and a rooftop lounge offering scenic views of downtown Ft. Worth.
Cutt Ableson, managing director for Berkadia’s Houston office provided a Freddie Mac Green loan, which will promote the use of water and energy saving features at the property.
“37th Parallel’s has an excellent reputation with capital providers. With several GSE approvals in the last few years, 37th Parallel was able to secure a non-recourse loan with several years of interest only payments,” added Ableson.
37th Parallel plans on implementing several capital improvements program at The Depot. Planned improvements include community amenity upgrades along with a unit improvement program that will feature updated kitchens, cabinets, and flooring.
The Depot is one of many planned acquisitions by 37th Parallel Properties in 2018 as the firm looks to add additional stable multifamily assets to its growing portfolio.
37th Parallel Properties provides commercial multifamily investment and asset management services for high net worth investors and select private clients across the United States and Internationally. To learn more, call 888.837.3720.
Source: FS – Multifamily Properties
Acquisition Announcement – The Depot