Pearlmark, in partnership with Sinatra & Co. Real Estate, closed on the acquisition of La Jolla Terrace, a 1984-vintage, 340-unit apartment complex located in Fort Worth.
The property, currently 97 percent occupied, is located between downtown Fort Worth and downtown Arlington, Texas, along Interstate 30 and benefits from its proximity to multiple employment centers as well as Dallas–Fort Worth Airport. This is Pearlmark and Sinatra & Co.’s second Dallas-area multifamily acquisition as part of a business plan to create a workforce housing portfolio in the region.
Pearlmark and Sinatra & Co. plan to fully renovate and rebrand the property, including significant enhancements to unit interiors and exterior amenities. Sinatra & Co. will serve as both property and construction manager for the asset as part of its continued expansion in the Dallas–Fort Worth MSA.
Keith Page, lead executive on the transaction for Pearlmark, stated, “We are excit
