Dallas Investor Completes Repositioning, Sells Multifamily Property in Fort Worth

FORT WORTH, TEXAS — In an all-cash transaction, Stag Apartments LLC has sold the 85-unit Lancaster Apartments to a local investor. The Dallas-based seller put Lancaster Apartments on the market after completing a repositioning plan within 18 months of buying the property in a foreclosure sale. Sam W. Pettigrew III, partner in Dallas-based Cantrell Co. & Partners, represented the seller. In the past year, $150,000 has been invested into improvements at the 10-building complex, which was developed in 1968 and renovated in 1999. Lancaster Apartments is a mix of efficiencies and one- and two-bedroom floor plans, averaging 830 square feet. The complex includes 137 parking spaces and two laundry facilities.