HISTORIC ELECTRIC BUILDING SELLS

FORT WORTH, TEXAS — A partnership led by Fort Worth-based Atlas Properties has acquired Fort Worth's Historic Electric Building. The 18-story, 173,000-square-foot tower is located within the city's central business district. Constructed in 1929 as the home of the Texas Electric Service Co. as well as the Hollywood Theater, the property was converted into a multifamily property in 1996. It contains 106 apartment units and three retail spaces, and it is currently on the National Register of Historic Places. Occupancy was 88 percent at the time of closing. Atlas purchased the property as a principal in a partnership that also includes Dallas-based Silverado Investments and local investors. Atlas will manage the property and is planning a multi-phase renovation.