MLG Capital sells value-add apartments in Fort Worth

As many value-add multifamily operators are struggling, the Copperfield Apartments in Fort Worth sold after previous owner renovated many of its units and amenities. 

In 2019, MLG Capital bought the Class B property, built in 1985, with plans to update it. The Wisconsin-based firm redid more than 100 apartments, renovated the clubhouse and pool area and added an outdoor firepit. The 323-unit complex offers one- and two-bedroom units.

Copperfield is at 6051 Hulen Street, about 12 miles southwest of downtown Fort Worth in the city’s Wedgwood neighborhood. The building is a mile from the Hulen Mall. 

The buyer was not named, and the price was not disclosed. But the complex was appraised at $37.6 million in 2023, according to Tarrant Appraisal District records. That’s an increase of more than $15 million in assessed market value from 2019, when the property last changed hands. 

Similar properties have struggled to complete the value-add development cycle in the last couple of years.  

With rate caps expiring amid higher interest rates and renovation costs, as well as a decline in property values, older buildings are going back to lenders or getting sold at a discount. 

In addition, the current cost of debt translates to fewer transactions.

MLG is headquartered in Brookfield, Wisconsin, and has offices in Dallas and Sarasota. The company’s portfolio of about 40,000 apartment units in 22 states. MLG also owns 11 other apartment buildings in the Metroplex, including Oaks 55, a 151-unit Class A property in Euless.

The Copperfield Apartments project was part of MLG’s series of MLG private funds. MLG is currently fundraising for MLG Private Fund VI, which has a targeted equity size of $400 million. 

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