Limited Liability Company Acquires 72-Unit Apartment Complex in Mineral Wells, Texas

by Taylor Williams

MINERAL WELLS, TEXAS — IPI Properties 25 LLC has acquired Cedar View Apartments, a 72-unit complex in Mineral Wells, located about 50 miles west of Fort Worth. Built in 2005, the property consists of 18 single-story residential building, a leasing/office building and a maintenance building. Amenities include a fitness center, business center, playground, clubhouse and onsite laundry facilities. Dougherty Mortgage arranged $1.7 million in Fannie Mae financing on behalf of the new owner. The acquisition loan carried a 12-year term and a 30-year amortization schedule.

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