Oak Creek Apartments Acquired as Value-Add Strategy

Transwestern Investment Group and S2Capital LLC acquired the 464-unit Oak Creek Apartments for one of its managed funds. The property, situated at 1611 Oak Creek Lane in Bedford, TX, is one of the largest Class B apartment complexes in the area between Dallas and Fort Worth. Transwestern’s Taylor Snoddy, Philip Wiegand and James Roberts represented the seller, Bedford Oak Creek LLC. The entity was traced to Alton R. Smith of Lubbock, TX.

The value-add buy is the fund’s first multifamily acquisition. TIG and S2 Capital are planning to upgrade approximately 80% of the units with modern interior finishes. Also called for are renovations to the leasing and fitness centers and clubhouse. The new owners have already rebranded the property.

Oak Creek Apartments delivered in 1980. The complex is situated on 22.6 acres, and offers one, two and three-bedroom units. On-site amenities include four swimming pools, a basketball court and playground, and a dog park.

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