SPI ADVISORY SELLS NORTH RICHLAND HILLS APARTMENT COMPLEX AFTER 5 YEARS OF OWNERSHIP

PRESS RELEASE | February 17th, 2023

SPI Advisory, LLC

After a 5-year hold, Texas-based private equity firm, SPI Advisory, LLC, disposes of Wood Meadow Apartments.

On February 17th, 2023, the Dallas and Austin-based multifamily private equity firm, SPI Advisory, LLC (“SPI”) & its 1031 partners announced the sale of The Wood Meadow Apartments, a 222-unit, Class B apartment complex located at 6897 Meadow Crest Dr in the Fort Worth suburbs of North Richland Hills, TX. Constructed in 1984 and renovated in 2018, the property was initially acquired by SPI and its partners in 2017.

Over the past few years of ownership, SPI implemented a number of capital improvements to the property that included basic and premium unit upgrades, dog park renovation, office remodeling, the installment of a package locker system, and more.

The sale resulted in materially higher net returns than projected at acquisition in 2017. SPI and its Joint Venture partners plan to allocate the sale proceeds to a larger property as part of a tax-deferred 1031 exchange.

“It was bittersweet to sell Wood Meadow as it’s a great property in an attractive submarket,” said Michael Becker, Principal at SPI Advisory.  “We’re happy to sell this asset to a repeat buyer of ours, Twinkle Star Asset, LLC, and we wish them the best with their future at Wood Meadow.”

Conveniently located nearby Highway 820 and Loop 377, Wood Meadow Apartments offers residents quick access to Fort Worth city center, North East Mall, & DFW International Airport. Amenities include one- and two-bedroom apartment homes complete with private patio balconies, spacious kitchens, custom-built fireplace mantles, and walk-in closets. Residents also enjoy exclusive courtyards, a resort-style pool, a fully-equipped fitness center, and an on-site courtesy officer.

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About SPI Advisory, LLC

SPI Advisory is a Texas-based multifamily private equity firm founded in 2014 & headquartered in Dallas, TX with a second office in Austin, TX. SPI transforms the way high-net-worth investors from across the country identify, assess, secure, & sell high-yield, tax-efficient multifamily real estate investments across the Texas region by offering tailored joint venture partnership & advisory services as well as democratized passive investing opportunities in institutional-quality multifamily assets to their increasingly diverse client base. Read more here.