Fort Worth’s Cobble Hill, a 136-unit apartment community, has been sold by Obsidian Capital. The seller was represented by Al Silva and Ford Braly of Marcus & Millichap, with financing arranged through MMCC (a subsidiary of Marcus & Millichap) for $7.5 million. The loan terms include two years of interest-only payments followed by a 30-year amortization schedule and a loan-to-value ratio of 60%. The buyers are an out-of-state family office.
According to Braly, the new owners plan to invest significant capital into improving unit interiors as well as upgrading the exterior and common areas. These improvements will make Cobble Hill even more attractive to renters in the area as a clean, safe, and appealing place to live.
Cobble Hill consists of 12 buildings with one-, two-, and three-bedroom apartments totaling 136 units. It is conveniently located at 6050 Oakland Hills Drive near Interstate-30 and Loop-820 intersection in Fort Worth.
