Historic Electric Building apartments sold to Nevada investors
June 28,2016
Reposted from The Star Telegram
By Steve Kaskovich
Fort Worth’s Historic Electric Building, an 18-story apartment building with ground-level retail space, has been sold to Nevada investors.
TRDwind HEB, of Glenbrook, Nevada, bought the 88-year-old building from Atlas Properties, a company run by Fort Worth entrepreneur Adam Blake, according to deed records. The buyer borrowed $11.25 million from Iberia Bank in Houston to make the purchase, records show.
The building, at 410 West 7th St. on the west end of downtown, was redeveloped into apartments in 1994 when it was owned by Fort Worth investor Robert Bass. Atlas Properties bought the building from Bass in 2009.
The 109,956-square-foot property has 106 loft-style units and 10,000 square feet of retail space, according to Marcus & Millichap, which handled the sale.
“The property is a true value-add opportunity in heart of downtown Fort Worth,” says John Barker, a senior director for Marcus & Millichap, in a statement. “The asset was marketed for just 20 business days, attracted interest nationally, and 18 offers were submitted. The building has a low income tax credit component that will expire in 2026.”
The Electric Building is listed on the National Register of Historic Places and features terra cotta detailing and decorative friezes, Marcus & Millichap said.