HOUSTON-BASED BARVIN CLOSES ON THE PURCHASE OF ELAN CROCKETT ROW IN FORT WORTH
Fort Worth, Texas – Barvin, a Houston-based multifamily investment firm, recently closed on the purchase of Elan Crockett Row. The luxury multifamily property located at the intersection of Crockett Street and Norwood Street consists of 380 units with 7,200 SF of fully leased retail including Salsa Limon and F45 Training. Barvin also owns Vance at Bishop Union and Los Altos Trinity Green in the Dallas/Fort Worth area.
Elan Crockett Row is in the booming West 7th District, which is known for its pedestrian-oriented nature and accessibility to high-end restaurants and retail. The property is directly adjacent to the Modern Art Museum of Fort Worth.
"The acquisition of this desirable DFW community is aligned with our strategic repositioning toward Class A assets in growing markets with favorable demographics and economics. There is an immediate cash flow upside to this property, as the elimination of concessions equated to a 9% increase in total revenue at the time of close. With an attractive mix of growth and stability of cash flow, we look forward to optimizing the strong rent growth runway at the property."
Built in 2019 by Greystar, the property’s dramatic design makes a striking first impression – a naturally relaxed ethos with an earthy modern charm. The units feature top-of-the-line finishes including granite countertops, designer cabinets, elite appliances and wine refrigerators, Honeywell smart thermostats, and built-in closet organizers. Residents also have access to an elevated private pet park, a boutique pool with outdoor lounges, a covered grilling area with an outdoor fireplace and TV, a sculpture courtyard overlooking The Modern Art Museum, and a hammock garden with a fire pit and outdoor pavilion.
Barvin plans to implement AI Revenue Management to optimize rent at the well-located, quality property.