ARLINGTON, Texas – S2 Capital acquired Forest Ridge Apartments, a 660-unit community in Arlington, in one of the biggest Class B apartment transactions on the year, according to Transwestern’s Dallas-based Multifamily Investment Services Group
Transwestern’s Taylor Snoddy, Philip Wiegand and James Roberts represented the seller, an affiliate of Harbor Group International, and the buyer in the transaction. Extensive renovations are planned for the complex, which is near Dallas/Fort Worth International Airport.
“Forest Ridge is surrounded by newer assets with superior interior finishes, which presented an appealing value-add opportunity,” said Snoddy. “By implementing a capital improvement program at the property, the new ownership can take advantage of the $300 to $400 per month rent discrepancy.”
Located at 2508 Forest Point Drive the property has been well-maintained, and the community’s leasing office, clubhouse and pool area recently underwent an expansive face-lift. It also features a dog park, two spas, lounge, fitness center, sundeck, picnic area and business center.
The property provides excellent access to Texas State Highway 360 and is a few miles north of the recently approved $254 million rebuild of the Interstate 30/Highway 360 interchange. When completed, the project will have direct access ramps to I-30 and Highway 360, rather than the traditional clover-style interchange. Residents benefit from the numerous employment and retail centers nearby, including Texas Health Memorial Hospital, The University of Texas at Arlington, General Motors Arlington Assembly Plant, Dallas/Fort Worth International Airport, Globe Life Park, AT&T Stadium and the Entertainment District.
Oct. 29, 2015