Camino Verde Group (CVG) has acquired the Antigua Village Apartments, soon to be rebranded as Apex Apartments, in Fort Worth, Texas. This marks the firm’s first property in Texas to expand its portfolio in the high growth southern states.
Apex Apartments is situated on a 7.33-acre lot that encompasses 10 two-story budlings in the Metro Fort Worth area and Stop Six submarket. Built in 1968, the gated community offers one, two and three-bedroom units, on-site property management, a business center and expansive playground areas. Just six miles from downtown and located at 5320 E Rosedale Street, it is walking distance from Plaza Park and nearby a variety of entertainment, dining, retail, businesses, office space and other daily amenities.
Directly adjacent to the property is Cowan Place, a 174-unit senior living community currently undergoing development as part of the neighborhood’s transformation initiative. Once completed, it will feature four stories offering one and two-bedroom apartments for residents 62 and older and a variety of amenities, including rooms for a library and theater, fitness studio, salon, billiards, crafts, and other space for private meetings with health care professionals.
About Fort Worth
The fifth largest city in Texas, Fort Worth is home to almost 8 million residents, making it the fastest growing Metropolitan Statistical Area (MSA) in the country. In 2020, the city of Fort Worth implemented the Stop Six Choice Neighborhood Initiative in effort to redevelop and create a safe, convenient and more sustainable community. Once the six-phase project is completed, the area will include a total of $345 million in developments with recreation, health, education and residential properties. It will also feature a new 1,000-unit urban village that will offer an updated commercial district that serves as a walkable community hub.
The greater Dallas-Fort Worth area also has over 5.4 million square feet of projects under construction, including Museum Place, Texas A&M University’s Fort Worth Research Center and more.
Why We Acquired This Property
- Fort Worth is seeing rapid growth across all industries, resulting in a strong demand for multifamily housing.
- It is centrally located within the Stop Six Submarket, which is predicted to become an entertainment and employment mecca, making this an ideal destination for upgraded rental housing.
- The surrounding areas are undergoing hundreds of millions of dollars in redevelopment, making the acquisition even more valuable.
CVG plans to upgrade existing features throughout the 152-unit property with high-quality finishes and appliances, including new cabinetry, granite countertops and backsplashes and vinyl plank flooring. Each unit will also be equipped with its own air conditioning and heating system.
Our proposed plan of improvements will make this already attractive property even more desirable to the increasing number of residents in need of upgraded rental housing in the Stop Six submarket.
This acquisition fits into our core value of targeting investments with low volatility and high returns, not just economic, but also those outcomes that benefit the broader community stakeholders.
If you are interested in learning more about the Apex Apartments project, reach out to me at firstname.lastname@example.org.