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1/30/20
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Denver-based PaulsCorp LLC acquired The Morgan, a 464-unit multifamily community in Bedford, TX. The asset, located at 1611 Oak Creek Lane, was sold by Transwestern Investment Group (TIG®) and S2 Capital LLC.
TIG and S2 renovated the clubhouse, leasing office, and fitness center. Additionally, ownership fully upgraded roughly 50% of the units with stainless steel appliances, quartz countertops, wood-style flooring and custom cabinetry. The balance of the units primarily consists of first-generation classic units that can be upgraded for additional upside.
Currently 91% leased, The Morgan is well-positioned to absorb the robust demand for workforce housing in the growing Dallas-Fort Worth metroplex. DFW continues to outperform other large markets in terms of job production and population growth, adding 130,000 new residents in 2019.
Last year, North Texas added approximately 120,000 new jobs, sustaining a 3% growth rate and fueling strong investor demand for workforce housing. Multifamily deal volume in DFW totaled approximately $5 bil in 2019, according to Costar data, placing the metro eighth overall nationally in terms of multifamily deal volume in 2019.
“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 Wes Davidson, Vice President at TIG. “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.”
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