50-Unit Complex Sells

FORT WORTH-The 50-unit Courtyards on Calmont in Fort Worth has changed hands with 1031 Exchange money and a $682,000 loan.

Buyer Keller Properties LP of Fort Worth secured the deed for 6760 Calmont from a private investment group, the Steven L. Barsby Profit-Sharing Retirement Plan in Columbus, NC. La Jolla Bank provided the acquisition capital in a package put together by its Dallas loan officer, Sean P. Bushe. He tells GlobeSt.com that the financing is a 30-year loan at a 5% interest rate.

The sale of the class C-plus asset, which was on the market for six months, is the first of two in Dallas-Fort Worth to reach the closing table for the seller, according to Bushe. A Dallas property is under contract.

The 88%-occupied Courtyards on Calmont, sitting on about 1.5 acres, did not have any deferred maintenance, Bushe adds. The Tarrant County Appraisal District placed the complex and 1.1-acre tract’s value at more than $1.1 million for its 2002 assessment.

Steve Fithian, principal for Frontline Properties in Fort Worth, brokered the sale. Keller Properties was turning around proceeds from another multifamily property that it sold in the region.