New York-based Abacus Capital Group LLC recently purchased Fairmont at Fossil Creek Apartments, a 240-unit luxury apartment property in North Ft. Worth, Texas, for $21.3 million.
The property, which is less than 2 years old, is located adjacent to the Fossil Creek Golf Club, and was 93 percent occupied at closing.
The closing comes on the heels of the firm’s purchase last fall of Belterra Apartments, a 288-unit property located in the same Fossil Creek submarket.
Abacus Executive Vice President Gregory Lyden said, “We have been extremely pleased with the performance of Belterra and expect the same type of performance from Fairmont.” Lyden noted that Abacus purchased the brand-new Belterra property last year at 80 percent occupancy and the property is presently 96 percent leased.
Added Lyden, “We continue to be bullish on the North Fort Worth submarket, as we think Alliance Airport will continue to be a significant demand driver for jobs in the region.”