Project

6300 Ridglea Place is a 12-story, 182,000 square foot office building located in downtown Fort Worth.

Timing

Acquired the building in 1997.

Approach

6300 Ridgelea Place is an example of Prescott’s strategy for acquiring niche office assets. Prescott acquired this property for the purpose of repositioning the asset through rehab and the implementation of the multi-tenant strategy.

Results

Prescott implemented a $3 million dollar renovation plan that renewed and extended anchor tenants, resulting in occupancy increasing from 70% to 90%. This resulted in a 90% renewal rate from existing tenants as well as a $2-3 per square foot rent increase above pro forma.

Project

Crestwood Place Apartments is a multi-family, 114-unit asset consisting of one- and two-bedroom residences is located one mile north of Downtown Fort Worth. The building was constructed in two phases - the first in 1939 and the second in 1988. Prescott Group acquired the building in December 2007 from an individual who held the asset for more than 20 years. Prescott sold Crestwood Place Apartments in 2012 to a successful investor.

Approach

Prescott acquired the asset in 2007 with the plan to raise the existing multi-family complex and build an infill single-family for-sale product. At the time of acquisition, all market indicators pointed to this strategy being the highest and best use.

Results

Market conditions changed and we reformatted our strategy for the building to remain a multi-family development. We improved the asset, stabilized it, managed it and sold it in 2012.

Project

Prescott Group developed a mixed-use 417-unit apartment with 9,000 square feet of retail on a 3.65-acre urban infill brownfield site. In 2008 we assembled property from four different land owners - located only one quarter mile from Southern Methodist University (SMU).

Approach

The BLVD was a part of a larger transit-oriented redevelopment strategy referred to as University Crossing. Involving both a Tax Increment Financing (TIF) and Public Improvement District (PID), the project was part of a land assemblage that included a public-private partnership and a joint neighborhood strategy with SMU and other stakeholders.

Results

Prescott took a previously underutilized brownfield urban infill site and developed it into a class A mixed-use asset. The BLVD was the catalyst project in the TIF district.