With huge cities in Texas, such as Dallas and Houston, it is easy to overlook Fort Worth. However, it is the fifth largest city in the state with a population of over 700,000 people. As a result, the city is one of the state’s most important real estate locations and below we look at important industry developments in and around Fort Worth.
While you may not necessarily agree with the idea of payday lending, it is a multi-billion dollar enterprise and Cash America International is one of the biggest lenders. The company has announced that it will buy the Top Dollar Pawn chain located in Texas for just over $102 million. There are a total of 41 stores that will be acquired by Cash America, 13 of which are located in Fort Worth. The company currently has over 800 stores in the United States, more than 250 of which are in Texas. It is yet another indication that real estate in Texas is valued above almost any other state.
Cody Nicholson has made his fortune from auto towing and knows a good business deal when he sees one. As a result, he couldn’t turn down the opportunity to purchase a former Federal Aviation Administration property that was available in North Fort Worth. It is a 19.3-acre property and Nicholson used an $885,000 note with Plains Capital Bank to finance the deal.
He is the president of Lone Star Towing, Guy Simons Towing, and Bivins Wrecker Service but is clearly not content and is looking to expand his empire. There is a total of 170,000 square feet of industrial and office space spread out over several buildings, so it seems as if Nicholson has managed a coup. The president of Diamond Hill Neighborhood Advisory Council, Ron Shearer, expressed his surprise and disappointment at the sale and claimed that it was sold behind the group’s back.
Fort Worth is set to benefit from a new $50 million project in the city’s Linwood neighborhood with Greystar Real Estate Partners announcing their plans. The organization is to purchase 24 duplexes in the area, a total of 26 three-story homes and an apartment complex of over 350 units. It will be a master-planned community with a local park, 500-space garage, swimming pool, and private dining area for residents.
Rent is expected to start at $1.50 per square-foot, though 10 percent of the units will be set aside for tenants earning less than the median income in the region. It promises to be an exciting project and Greystar are experienced in this field with over 200,000 units in 10 markets. Therefore, we can expect a professional and successful project that will greatly improve the standard of living in this area of Fort Worth.
Fort Worth continues to grow and its importance in the Texan economy looks likely to increase as developers understand the many benefits of purchasing real estate in the city.
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