Friday, October 30, 2015

Forest Ridge Apartments Sell in Arlington

The property at 2508 Forest Point Drive has undergone a face-life to its leasing office, clubhouse and pool area.

ARLINGTON, TX--Transwestern’s Dallas-based multifamily investment services group has brokered the sale of Forest Ridge Apartments, a 660-unit community in Arlington.

Transwestern principal Taylor Snoddy, vice president Philip Wiegand and vice president James Roberts represented the sellers, affiliates of Harbor Group International, and the buyer in the transaction. S2 Capital acquired the property for an undisclosed amount and has planned extensive interior and exterior renovations.

“Today buyers are less focused on going in cap rates than anytime that I have been in the business,” Snoddy told GlobeSt.com. “It’s more a function of what rents are achievable in the submarket and where yields will be when they get there.”

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.

Anna Caplan/GlobeSt.com