BENA Capital Announces Multifamily Acquisition in Fort Worth, TX

BENA Capital is pleased to announce its latest acquisition of a multi-family apartment asset in Fort Worth, Texas.

The Dallas/Fort Worth market is strong and growing. It is the fastest growing metropolitan area in the country, adding over 146,000 residents in 2017. Fort Worth is the 15th largest city in the United States and continues to grow substantially, both in numbers of residents and jobs. Over the past 12 months it has added jobs at twice the rate of the national average. Cities with this type of robust growth are rare, and an effective strategy to capitalize on this growth is to acquire solid properties in transition areas just on the fringe of this rapid growth. These types of properties tend to benefit from price appreciation as the population searches for additional housing units.

The property is in one of these transition zones, located in the Hillside Morningside neighborhood, just southeast of downtown Fort Worth. Already an established neighborhood, old homes are being taken down and being replaced with new construction. Less than 10 minutes away, a much-anticipated boutique hotel set to open next year will create 160 full-time jobs and have an annual economic impact of about $25 million. Only 5 minutes away, a $30 million luxury mixed-use complex is being built along with $8.6 million in infrastructure improvements.

The acquisition is the second of BENA Capital’s Balanced Investing Fund, focused on a balance between quarterly dividends and asset value appreciation. We are excited about the prospects of this property due to its location. It is currently vacant and will require some rehab work, which is scheduled for completion over the next 14 days. Once leased it should be a healthy contributor to the fund.