PrivCap Holdings acquired The Villas at Sierra Vista, a 227 unit multifamily property, in Fort Worth, TX last week for $6.85mil. The acquisition is yet another addition to PrivCap's growing Texas multifamily portfolio.
With just 65% occupancy, PrivCap envisions great potential for the property and will be immediately implementing its value-add strategy with capital improvements planned and a more aggressive management style. "We are excited about the upside potential of this asset", remarked PrivCap CEO, Donny Cohen. "In a market averaging 93% occupancy, clearly there's a story here. We are looking forward to writing our own version over the coming months."