Price Realty Secures $9.2M Acquisition Loan For Monticello Apartments In Fort Worth
154 North Bailey Avenue
$9,200,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 11, 2024
AI
The 116-unit Monticello Apartments in Fort Worth, situated at 154 North Bailey Avenue and spanning 5 acres, were acquired by Michael Ochstein of Price Realty for $14.3 million. JLL facilitated a $9.2 million acquisition loan through Freddie Mac set to mature in 2029.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,200,000
- Units: 116
- Market: Fort Worth
- Landlord: Michael Ochstein - Price Realty
- Brokers: Aaron Craig, Blake Morrison, Bo Beidleman & John Brownlee - JLL
- Loan Type: Acquisition Loan
JLL, with brokers Aaron Craig, Blake Morrison, Bo Beidleman, and John Brownlee, arranged the $9.2 million loan for the acquisition of Monticello Apartments, in line with the ongoing trend of substantial investments in Fort Worth's Cultural District.
Players
Fort Worth MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93