Commercial
Fort Worth
The $1B bet on Fort Worth’s Cultural District
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Price Realty scores $9M loan to buy Fort Worth apartments
1970s apartments located near Fort Worth’s popular Cultural District
A photo illustration of Price Realty CEO Michael Ochstein along with the Monticello Apartments at 154 North Bailey Avenue in Fort Worth (Getty, Price Realty, Monticello Fort Worth)
Price Realty scored a Freddie Mac loan to purchase a Fort Worth apartment complex.
The Addison-based multifamily operator got $9.2 million in acquisition financing for the 116-unit Monticello Apartments, deed documents show. The loan comes to $79,300 per unit. The financing was arranged by JLL, which will be the loan servicer. The team included John Brownlee, Bo Beidelman, Blake Morrison and Aaron Craig.
The loan is set to mature on June 1, 2029. The price of the property was not disclosed, but it was valued at $14.3 million this year, according to appraisal district data.
The seller is California-based Magma Equities, which purchased the property in 2019.
Monticello Apartments, at 154 North Bailey Avenue, features 22 two-story buildings that sit on almost 5 acres. It was built in 1970.
The property is located just west of downtown Fort Worth. Its location offers easy access to interstates 30 and 35.
Monticello Apartments is located less than a mile from Fort Worth’s popular Cultural District neighborhood.
Since the pandemic, investors have injected more than $1 billion into the neighborhood.
In 2023, the area welcomed an Auberge Hotel and a $250 million mixed-use development from Dallas-based Crescent Realty. Crescent has since announced plans to expand its project with a $250 million, 170,000-square-foot office building. It will soon be home to two mixed-use projects from Nebraska-based Goldenrod Companies. The pair of developments is expected to cost at least $400 million.
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Price Realty was founded by Michael Ochstein in 1991. The company owns and manages 5,500 multifamily units across 20 properties, its website says. Price Realty operates in Austin, Houston and Dallas-Fort Worth.
In 2023, the firm raised more than $25 million in equity from 103 investors for a fund called Price Custer Park LP, the Dallas Business Journal reported.
Magma Equities is headquartered in Manhattan Beach, California. It focuses on renovating Class B apartment complexes.