Real estate investment firm Calvera Partners has acquired Saddlehorn Vista Apartments in Fort Worth, Texas. The 192-unit community is Calvera's first acquisition in the Dallas-Fort Worth (DFW) metropolitan area and the final acquisition in its third value-add investment fund, the Multifamily Transformation Fund.
"We are excited to establish a presence in DFW, a market that we have been tracking for some time now. In Saddlehorn, we are acquiring a solid asset at an attractive basis with strong in-place cash flow and value creation potential," says Calvera managing principal Brian Chuck.
"We waited patiently for much of the past two years as values first peaked in 2021 and then rationalized as interest rates increased. As a result, we're able to buy today at a healthy discount to pricing from a year ago in the fastest-growing city in America."
Located roughly 10 miles west of downtown Fort Worth, the garden-style property provides residents with quick access to Interstates 820 and 30 and several employment hubs. Built in 1986, the community will undergo rebranding with new signage. A renovation plan includes new landscaping, pool area improvements, and a new pet run area, Chuck notes.
The acquisition represents the fourth and final investment by the Multifamily Transformation Fund, with the other three assets located in Austin, Texas; Carrboro, North Carolina; and Oakland, California. Through its series of funds and individual acquisitions, Calvera has invested approximately $73 million of investor equity in 15 multifamily real estate transactions representing approximately 1,200 apartment units in four states and $170 million of value.