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March 28, 2018  

Value-Added Rentals Pitched in Texas

An investment shop is pitching a luxury apartment complex in Fort Worth, Texas, as a value-add play.The 324-unit Avana Point could attract bids of about $47 million, or $145,000/unit. At that price, the buyer’s initial annual yield would be just below 5%. New York-based Raith Capital has given the listing to Marcus & Millichap’s Institutional Property Advisors unit.The gated complex, at 2650 Western Center Boulevard, is 97% occupied....

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