Transwestern Investment & S2 Capital End Hold on the 464-Unit Morgan Apartments

PaulsCorp LLC acquired The Morgan, a 464-unit multifamily complex in Bedford, TX. The Denver buyer shook hands with the sellers, Transwestern Investment Group (TIG) and S2 Capital LLC, to acquire the Class B property at 1611 Oak Creek Lane, in the Fort Worth suburb.

“We acquired The Morgan as part of our workforce housing strategy, which identifies quality, Class B multifamily assets that are underperforming in comparison to their competition,” said TIG’s Wes Davidson. During its hold, TIG renovated the clubhouse, leasing office and fitness center, and upgraded 50% of the units. The remaining units can be renovated for additional upside.

“After completing the renovation of community amenities and approximately half the units, we were able to increase rental rates at the property to a level that are competitive yet affordable, based on the median income in the area,” Davidson said.

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