The Vanguard disposition team was led by Jordan Cortez who marketed the asset on behalf of an entity controlled by the Oviedo, FL-based seller, Bowman Investment Group LLC. The property was purchased by Mercury Metroplex Real Estate IV LLC and was their second multifamily acquisition in Weatherford this year.
"This is the second time I have sold this asset, each time it was marketed there was significant interest from the investment community due to the irreplaceable location and strength of the Weatherford multifamily market," Cortez, managing principal of Vanguard Real Estate Advisors, told GlobeSt.com.
The 113-unit community was constructed in 1977 and is strategically positioned along Santa Fe Drive adjacent to the Town Creek Hike & Bike Trail.
“Saddle Ridge represented an excellent opportunity for the purchaser to acquire one of the best located multifamily communities in the submarket that at closing was 100 percent occupied,” Cortez says.