Las Vegas Developer Expands into Texas with 152-Unit Property Acquisition
Camino Verde Group, a Las Vegas-based real estate investment and development firm, recently acquired the Antigua Village Apartments, soon to be rebranded as Apex Apartments, in Fort Worth, Texas. The acquisition was represented by Global Real Estate Investors (GREA) and is a joint venture with Bakerson, an Arizona-based real estate investment and capital management firm. This marks the firm’s first property in Texas to further expand its portfolio within the high growth southern states.
“This acquisition fits into our core value of targeting investments with low volatility and high returns, not just economic, but also those outcomes that benefit the broader community stakeholders,” said Mike Ballard, co-founder and managing director of Camino Verde Group. “In a market undergoing substantial redevelopment, we identified an opportunity to provide quality housing to attract renters as this neighborhood transforms.”
The Apex Apartments are centrally located within the Stop Six submarket, a central part of the Stop Six Choice Neighborhood Initiative that was implemented in 2020. The city is investing heavily in the area to create a safe, convenient and more sustainable community. Once the six-phase project is completed, the area will include a total of $345 million in developments with recreation, health, education, residential and commercial properties.
The Apex Apartments are comprised of 10 two-story buildings on a 7.33-acre lot in the Metro Fort Worth area. The fifth largest city in Texas, Fort Worth is home to almost eight million residents, making it the fastest growing Metropolitan Statistical Area (MSA) in the country. The greater Dallas-Fort Worth area also has over 5.4 million square feet of projects under construction, including Museum Place, Texas A&M University’s Fort Worth Research Center and more.
“Based on the current market trends and data, Fort Worth is seeing rapid growth across all industries, which is resulting in a strong demand for multifamily housing,” said Ballard, who oversees the firm’s acquisitions. “Our proposed plan of improvements will make this already attractive property standout to the increasing demographic in need of upgraded rental housing in the Stop Six submarket.”
Camino Verde Group plans to upgrade existing features throughout the 152-unit property with high-quality finishes and appliances, including new cabinetry, granite countertops and backsplashes, vinyl plank flooring and individual air conditioning and heating in each unit. Built in 1968, the gated community offers one, two and three-bedroom units, on-site property management, a business center and expansive playground areas.
Apex Apartments are located at 5320 E Rosedale Street, just six miles from downtown and walking distance from Plaza Park. The property is also near a variety of entertainment, dining, retail, businesses, office space and other daily amenities. “Acquiring properties in prime locations strategically aligns with our investment strategy as we continue developing our portfolio in new markets,” said Ballard.
Directly adjacent to the property is Cowan Place, a 174-unit senior living community currently undergoing development as part of the neighborhood’s transformation initiative. Once completed, it will feature four-stories offering one and two-bedroom apartments for residents 62 and older and a variety of amenities, including rooms for a library and theater, fitness studio, salon, billiards, crafts, and other space for private meetings with health care professionals. Through the remaining five phases of the initiative, the city plans to create a new 1,000-unit urban village that will offer an updated commercial district while serving as a walkable community hub.
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