Camino Verde Group
Camino Verde Group, a Las Vegas-based real estate investment and development firm, recently acquired the Antigua Village Apartments, soon to be rebranded as Apex Apartments, in the Stop Six neighborhood, according to a news release announcing the transaction.
Apex Apartments are located at 5320 E Rosedale Street and are a central part of the Stop Six Choice Neighborhood Initiative.
“This acquisition fits into our core value of targeting investments with low volatility and high returns, not just economic, but also those outcomes that benefit the broader community stakeholders,” says Mike Ballard, co-founder and managing director of Camino Verde Group, in a statement. “In a market undergoing substantial redevelopment, we identified an opportunity to provide quality housing to attract renters as this neighborhood transforms.”
The acquisition was represented by Global Real Estate Investors and is a joint venture with Bakerson, an Arizona-based real estate investment and capital management firm. This marks the firm’s first property in Texas to further expand its portfolio within the high growth southern states.
The Stop Six Choice Neighborhood Initiative was implemented in 2020. The city is investing heavily in the area to create a safe, convenient, and more sustainable community.
Once the six-phase project is completed, which includes the Hughes House development, the area will include a total of $345 million in developments with recreation, health, education, residential, and commercial properties.
The Apex Apartments are comprised of 10 two-story buildings on a 7.33-acre lot.
“Based on the current market trends and data, Fort Worth is seeing rapid growth across all industries, which is resulting in a strong demand for multifamily housing,” says Ballard, who oversees the firm’s acquisitions. “Our proposed plan of improvements will make this already attractive property standout to the increasing demographic in need of upgraded rental housing in the Stop Six submarket.”
Camino Verde Group plans to upgrade existing features throughout the 152-unit property with high-quality finishes and appliances, including new cabinetry, granite countertops and backsplashes, vinyl plank flooring and individual air conditioning and heating in each unit. Built in 1968, the gated community offers one, two and three-bedroom units, onsite property management, a business center, and expansive playground areas.
Adjacent to the property is Cowan Place, a 174-unit senior living community currently undergoing development. Once completed, it will feature four-stories offering one and two-bedroom apartments for residents 62 and older and a variety of amenities, including rooms for a library and theater, fitness studio, salon, billiards, crafts, and other space for private meetings with health care professionals.
Through the remaining five phases of the initiative, the city plans to create a new 1,000-unit urban village that will offer an updated commercial district while serving as a walkable community hub.