Price Realty Acquires Monticello Apartments
Price Realty acquired Monticello Apartments, a newly renovated, 1970-vintage, 116-unit, multi-housing community in Fort Worth, Texas.
JLL worked on behalf of the borrower, Price Realty, to secure the five-year, fixed-rate financing through Freddie Mac.
Monticello Apartments is located at 154 North Bailey Ave. just off of State Highway 199 in the Intown Fort Worth / University submarket. The property has outstanding access to several major thoroughfares, including Interstates 30 and 35, and is close to some of Fort Worth’s largest employers, including Lockheed Martin and Fort Worth ISD. Additionally, Monticello Apartments is surrounded by a collection of lifestyle amenities, including Montgomery Plaza, The River District, Fort Worth Convention Center, Sundance Square and The Dickies Arena.
The property consists of 22 two-story apartment buildings with 56 one-bedroom and 60 two-bedroom units, averaging 952 square feet each. Units feature walk-in closets, patios or balconies, washer/dyers, stainless steel appliances and air conditioning. Monticello Apartments also offers on-site amenities, including a swimming pool, laundry facility, covered parking and on-site management and maintenance.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Brownlee, Director Bo Beidleman, Associate Blake Morrison and Analyst Aaron Craig.
Price Realty Corporation is a trusted multifamily investment and management company focusing on investment opportunities in the four core Texas markets (Dallas/Fort Worth, Houston, Austin, and San Antonio). Founded in 1991, Price Realty Corporation currently owns and manages approximately 6,000 units across 20 properties, with total assets under management valued in excess of $800 million. Price Realty’s senior investment and management team has extensive experience in acquisitions, market evaluation, property management, repositioning, and value-add construction.