Luxury multi-family property in Fort Worth acquired by Houston investment firm
Barvin, a Houston-based multi-family investment firm, recently completed the purchase of Elan Crockett Row. The luxury multi-family property located at the intersection of Crockett Street and Norwood Street consists of 380 units with 7,200 square feet of fully leased retail, including Salsa Limon and F45 Training. Barvin also owns Vance in Bishop Union and Los Altos Trinity Green in the Dallas / Fort Worth area.
Elan Crockett Row is in the booming 7th Arrondissement, known for its pedestrianized nature and accessibility to high-end restaurants and retail outlets. The property is directly adjacent to the Fort Worth Museum of Modern Art and Cultural District.
âThe acquisition of this desirable DFW community is aligned with our strategic repositioning towards Class A assets in growing markets with favorable demographics and economics. There is an immediate cash flow on the rise for this property as the elimination of concessions equates to a 9% increase in total revenue at the time of closure. With an attractive mix of growth and stable cash flow, we look forward to optimizing the property’s strong rental growth track. “
Built in 2019 by Greystar, the spectacular design of the property makes a striking first impression – a naturally relaxed ethic with modern, earthy charm. Units feature high-end finishes including granite counters, designer cabinets, elite appliances and wine fridges, Honeywell smart thermostats, and built-in closet organizers. Residents also have access to a private elevated animal park, a boutique swimming pool with outdoor lounges, a covered grill area with an outdoor fireplace and TV, a sculpture courtyard overlooking the Museum of Modern Art and a garden of hammocks with a fireplace and an outdoor pavilion.
Barvin plans to implement AI revenue management to optimize the rent for the property.