136-Unit FW Rental Community Changes Hands

Obsidian Capital has sold off Cobble Hill, a 136-unit apartment community in Fort Worth. Al Silva and Ford Braly from Marcus & Millichap represented the seller, and MMCC, a subsidiary of Marcus & Millichap, arranged the acquisition financing, which amounted to $7.5 million. Terms of the 7-year loan include two years of interest-only followed by 30-year amortization and a loan-to-value of 60%. The buyers were an out-of-state family office.

“The new owners are going to invest a significant amount of capital into making improvements to unit interiors, while also upgrading the exterior and common areas. By making those improvements, Cobble Hill should become an even more attractive option for area renters as a clean, safe, and appealing place to live,” Braly added.

Cobble Hill spans 12 buildings and offers 136 units, including a mix of one-, two-, and three-bedroom apartments. The property is located at 6050 Oakland Hills Drive, near the intersection of Interstate 30 and Loop 820.