In what is becoming a common trend in the DFW metro area, Bluelofts Inc. has acquired the historic Oil & Gas building on West 7th Street in downtown Fort Worth (above), in partnership with Wolfe Investments, in order to reconfigure it into apartments. “We wanted to bring more housing for young professionals and also bring more life into that last pocket because this building is one of the last buildings that hasn’t been converted,” said Bluelofts Ike Bams. “Most of the historic properties in downtown Fort Worth have been converted into hotels or condos.” The 16-story, 166,000-square-foot tower is adjacent to the 19-story Star-Telegram building. Bluelofts plans to convert it to 180 luxury apartments with ground-floor retail.

In addition,the 16-story former Oncor building—also on West 7th Street—has been acquired by Chicago’s 3L Real Estate. The 300,000-square foot 1950s building will be converted into apartments, as well.