Wellington Realty Announces Sale of Cedar Ridge Townhomes
Purchaser Acquires Multifamily Property in Hurst, Texas
DALLAS, November 2, 2017 –Wellington Realty, a commercial real estate services company with brokerage and management capabilities serving the four major markets in Texas, announced the successful sale of Cedar Ridge Townhomes, located at 601-655 Timberline Drive, Hurst, TX 76053.
The apartment complex was up for sale and closed in October 2017. Wellington Realty’s Managing Partner, David Shaffer, and Investment Sale Associates, Caleb Jones, Tammy Shaffer and William Hubbard who are all based in the company’s Dallas office, procured the buyer and sold the asset. The investment sales team created value for the buyer through its in-depth knowledge of the Texas market and its relationships within the DFW market.
“This 80’s product is stabilized and is in a great submarket,” said Caleb Jones, Brokerage Associate, Wellington Realty. “Most GSE lenders shy away from fractured condo deals, so it was paramount that we find the right buyer.”
Constructed in 1981, Cedar Ridge is a two-story garden-style multifamily community offering a variety of two and three-bedrooms units. The property is in proximity to Loop 820 and Highway 183/121, and is minutes from Downtown Fort Worth and DFW International Airport. The apartment complex’s amenities include a swimming pool, clubhouse building, and a small playground/park area.
“The purchaser plans to upgrade the interior units and push rents to the current market rate,” said Tammy Shaffer, Brokerage Associate, Wellington Realty. “The HEB submarket has seen strong demand; this property has great potential.”