Fifty Mission Capital LLC reached an agreement-in-principal to acquire outstanding capital interests of Forefront Capital Master LLC. The latter is a general partner of a real estate practice that owns 12 apartment properties in Texas markets, comprising  approximately 950 units. Forefront Capital had acquired the portfolio in 2016, at a cost basis of just below $70 million.

Jared Black, controlling principal and founder of Texas-based Forefront Capital Master, retains a 50% stake in the firm alongside of Peter Anadranistakis of Fifty Mission Capital (based in Scottsdale, AZ), at the closing of the acquisition.

The properties are in Amarillo, Austin, Dallas, Greenville and Henderson, among other locations. According to Anadranistakis, the plan is to invest “a few million dollars” into the properties, dedicated to physical plant improvements. The upgrades are expected to begin by the end of 2019.

Pictured: Briar Grove Apartments, Greenville, TX

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