Tailwind Real Estate Equities Buys Crestwood Place in Fort Worth
Tailwind Crestwood, LLC, an entity of Tailwind Real Estate Equities, LLC of Fort Worth, TX, has acquired Crestwood Place, a 114-unit multifamily property located in Fort Worth, TX.
Boyan Radic and Doug Banerjee, investment specialists in Marcus & Millichap’s Ft. Worth office, had the listing to market the property on behalf of the seller, a Dallas based privately held real estate investment firm. Tailwind Crestwood, LLC was represented in the transaction by Gary Vasseur of Coldwell Banker Commercial in Fort Worth.
Crestwood Place is located at 3900 White Settlement Road, less-than a mile northwest of West 7th. The property rests on 8.442 acres of real estate between the Monticello and Crestwood neighborhoods less than two miles from downtown Fort Worth.
The property consists of 15 two-story buildings, which were constructed in two phases. Phase I was constructed in 1939 and consist of 62-units, 12 of which have been upgraded with new cabinetry and a central HVAC system, as opposed to window units. Originally, the stoves, space heaters, and hot water heaters were powered by gas, but the upgraded units have been converted and are all electric.
Phase II was built in 1986 and has 52-total units, which all have central HVAC and individual hot water heaters.
Currently, the property is 99 percent occupied with a waiting list of over 40 pre-qualified candidates, many of which are former residents.