A Fort Worth-based multifamily investment firm acquired a key asset that will repurpose and update longtime student housing.
Bellrock Real Estate Partners purchased Southwestern Baptist Theological Seminary’s Student Village, a 40‑acre site at 2000 W. Seminary Drive. The property includes 252 apartments constructed in 2012 and 124 townhomes built between 1976 and 1995. They also acquired 13 undeveloped acres surrounding the project, which was renamed the Village at West Seminary.
Bellrock plans to invest millions to reposition the property and bring much‑needed, high‑end housing to an area that has been underserved for decades, said Anthony Wonderly, a co-founder of the firm.
“It was a unique opportunity, because in this particular submarket, there hasn’t been a lot of new multifamily built,” he said of the area not far from the city’s core growth areas of South Main and the Near Southside.
The surrounding neighborhood includes a park and tennis facility as well as an elementary and middle school.
“It’s this little beautiful oasis of an area of multifamily that has only been offered to the students at the seminary previously,” he said. “Now we’ll be able to open it up to the full market, though we’re still going to be providing for the students.”
Wonderly said the location just offers good access to other areas of the city as it’s just north of Loop 820 and just west of Interstate 35.
“Whether you get on the freeway or you take side streets, it’s only about a nine minute drive to downtown Fort Worth,” he said. “You’re a mile and a half from TCU, and you’re close to the Medical District. We think it is in a phenomenal location.”
The apartments still cater to seminary students who will receive a preferred rate. Rents will vary from $1,100 to $1,600 a month, depending on the size and configuration of the apartment or townhome.
Transwestern sourced and facilitated the transaction. Jason Harrell, who brokered the deal, said it was made with local people who really understood the property and the advantages of the location.
“We didn’t take it out to many, but those we did reach out to didn’t really understand the opportunity here,” he said. “Bellrock, because they’re local, really understood it.”
The Southwestern Baptist Theological Seminary, which was chartered in 1908, initiated a strategic plan in 2022 to reduce debt, cut maintenance costs and refocus on theological education rather than housing management.
In 2023, the seminary sold its B.H. Carroll Park, a 1950s-era complex consisting of cottage-style duplex homes on more than 15 acres. It was sold for $11 million to the first Fort Worth Community Land Trust project in partnership with the city, Rainwater Charitable Foundation and the nonprofit Housing Channel. Many of those homes are on the market with more available soon.
The sale of Student Village represents a key component of the school’s broader financial turnaround since 2022, David S. Dockery, president of Southwestern Seminary, said in a news release.
Seminary officials implemented financial management, reduced operational expenses and experienced growth in operating revenue, resulting in the elimination of all short-term and long-term debt with cash reserves in excess of $20 million, according to a news release. In 2023, the seminary found itself with a $140 million shortfall. Several leadership changes ensued and Dockery was brought on board charged with righting the school’s finances.
Bellrock plans to spend at least $5 million on improvements to the area, including for interior unit upgrades, enhanced safety measures, refreshed landscaping and the development of new or improved gathering spaces.
“We are working with an architect to design a clubhouse and pool and fitness center,” Wonderly said. “We understand the importance of this community to Southwestern Seminary and its students. Our goal is to invest responsibly, improve the quality of life for residents, and position the property for long-term success while maintaining continuity for those who already call it home.”
Bob Francis is business editor at the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.
Disclosure: The Rainwater Charitable Foundation has been a financial supporter of the Fort Worth Report. News decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here.
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