Source: Cottonwood Group / Texsun Holdings
FORT WORTH, TX - Cottonwood Group, a private equity real estate investment firm, announced that it has acquired a 480-unit multifamily portfolio in Fort Worth, Texas with Dallas-based Texsun Holdings. The Portfolio consists of the Woodstone Apartments, located at 6051 Bridge Street, and Bridge Hollow Apartments, located at 5801 Bridge Street.
Cottonwood acquired the Portfolio through the Cottonwood Real Estate Founders Fund, a multi-strategy open-ended fund. The Portfolio is the second multifamily acquisition between Cottonwood and Texsun this year. The partnership acquired two multifamily assets, the San Mateo Apartments and Heights on Perrin Apartments in San Antonio, last month.
"We are thrilled to complete another transaction with Texsun and to add such a high-quality asset to our Texas portfolio," said Mark Green, Chief Investment Officer at Cottonwood. "While other traditional investors may be pulling back due to economic and market uncertainty, we remain bullish on the multifamily sector."
The business plan includes a renovation and repositioning of the approximate 342,000-square-foot Portfolio, for which Cottonwood and Texsun have budgeted approximately $5 million.
"Our team is excited to build upon our relationship with Cottonwood to complete another successful acquisition in Texas," said Sean Fogelman, Managing Partner and Co-Founder of Texsun Holdings. "We are eager to continue expanding our presence in Texas, and the Fort Worth Portfolio acquisition plays a key role in helping us achieve that goal."