FORT WORTH, TX -- Lagovent Real Estate Group, a national real estate investment firm headquartered in Los Angeles, CA, today announced the acquisition of a 265 unit apartment complex in Fort Worth, Texas. The total consideration for the acquisition was $15.1 million.
"We have been active pursuing investment opportunities that fall within our proven US multifamily strategy. The state of Texas has many of the attributes which we look for, from high population growth to high employment. Texas' demographic and employment characteristics make it an ideal candidate for further acquisitions," commented Konstantin Glasmacher, Managing Partner at Lagovent.
This transaction represented a 265 Unit community located in the Lake Worth area. The acquisition encompasses almost 16 acres of land located in the Northwest region of Fort Worth, approximately 15 minutes from downtown Fort Worth's core business district. Dallas Fort Worth is home to 19 Fortune 500 companies including AMR Corp. -- American Airlines' parent, Exxon Mobile, Kimberly-Clark, Lennox International, Neiman Marcus, Triad Hospitals, Texas Instruments, as well as 13 privately held companies with at least $1 billion in annual revenues. The MSA represents industries such including high-tech manufacturing, back office infrastructure, finance, health care, insurance, aerospace, transportation, and oil and gas. It is represented by companies such as T-Mobile, Raytheon, Home Depot, Countrywide and Texas Instruments. The region expects employment growth of 2.8% and 2.7% in 2006 and 2007, respectively.
"Texas already has the second highest population of any US state and is forecast to grow at the 2nd highest growth rate of all of the US states. Texas is also home to the third largest base of Fortune 500 firms which supports the relatively high employment level," stated Brett Markinson, Managing Partner at Lagovent.
About Lagovent Real Estate Group
Lagovent Real Estate Group, Inc. sponsors a range of performance based property investment vehicles and caters to US and European high net worth and institutional investors. The firm specializes in US based multifamily investments and focuses on capital preservation and value enhancement. Lagovent's expertise includes asset acquisition, development, rehabilitation, asset management, and disposition. Lagovent seeks yield driven multifamily investments across the US. The firm's primary focus is on assets which provide stable and predictable cashflow with possible capital appreciation.
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Source: Lagovent Real Estate Group
CONTACT: Lagovent Real Estate Group, Inc., +1-323-951-0619
Web site: http://www.lagovent.com/
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