Updated Oct 28, 2024
Busboom Group & Archwood Real Estate Acquire Multifamily Property In Fort Worth With Institutional Property Advisors
1424 Summit Ave, Fort Worth, Texas 76102, United States
Units
372
Asset Type
MultiFamily
Closing
Jan 25, 2022
About this deal
AI
The multifamily property located at 1424 Summit Ave in Fort Worth has been sold in a recent transaction. The property consists of 372 units and was part of a closed sale.
Summary of transaction details
- Property Type: Multifamily
- Transaction Date: 01/26/2022
- Address: 1424 Summit Ave
- Market: Fort Worth
- Units: 372
The buyers in this transaction were Busboom Group and Archwood Real Estate, while the sellers were Trammell Crow Residential and Phoenix Capital Management LLC. The deal was facilitated by the brokers Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, Jeffrey Kindorf, and Will Balthrope from Institutional Property Advisors (IPA) - Marcus & Millichap.
Players
Fort Worth MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93