SPI Advisory sells Class B apartments in Fort Worth suburbs

SPI ADvisory sells Class B apartments in Fort Worth suburbs

Erick Pirayesh, The Real Deal

February 22nd, 2023

 
The Real Deal - Wood Meadow Apartments Disposition

From left: SPI Advisory’s Sean Mabarak and Twinkle Star Asset’s Ken C. Yue along with the Wood Meadows Apartments at 6897 Meadow Crest Drive in North Richland Hills (Getty, SPI Advisory, Twinkle Star Asset)

“Dallas-based SPI Advisory continues to wheel-and-deal in the metroplex, this time selling off the Wood Meadow Apartments after making a number of capital improvements.

The investment firm first bought the 222-unit, Class B apartments located at 6897 Meadow Crest Drive in North Richlands Hills, a suburb just outside of Fort Worth. The company acquired the complex in 2017 before embarking on a number of renovations the following year.

Twinkle Star Asset, a local multifamily investment firm, bought the apartments for an undisclosed price, SPI announced. While financial records were not disclosed, the complex’s taxable value last year was $24.5 million or $110,000 per unit, according to Tarrant County Appraisal District records. In 2018, the value was listed at just under $17 million.”

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