A Fort Worth-based multifamily investment firm acquired a key asset that will repurpose and update longtime student housing.\u00a0<\/p>\n
Bellrock Real Estate Partners purchased Southwestern Baptist Theological Seminary\u2019s Student Village, a 40\u2011acre 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.\u00a0<\/p>\n
Bellrock plans to invest millions to reposition the property and bring much\u2011needed, high\u2011end housing to an area that has been underserved for decades, said Anthony Wonderly, a co-founder of the firm.\u00a0<\/p>\n
\u201cIt was a unique opportunity, because in this particular submarket, there hasn\u2019t been a lot of new multifamily built,\u201d he said of the area not far from the city\u2019s core growth areas of South Main and the Near Southside.<\/p>\n
The surrounding neighborhood includes a park and tennis facility as well as an elementary and middle school.\u00a0<\/p>\n
\u201cIt\u2019s this little beautiful oasis of an area of multifamily that has only been offered to the students at the seminary previously,\u201d he said. \u201cNow we\u2019ll be able to open it up to the full market, though we\u2019re still going to be providing for the students.\u201d\u00a0<\/p>\n
Wonderly said the location just offers good access to other areas of the city as it\u2019s just north of Loop 820 and just west of Interstate 35.\u00a0<\/p>\n
\u201cWhether you get on the freeway or you take side streets, it\u2019s only about a nine minute drive to downtown Fort Worth,\u201d he said. \u201cYou\u2019re a mile and a half from TCU, and you\u2019re close to the Medical District. We think it is in a phenomenal location.\u201d\u00a0<\/p>\n
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.\u00a0<\/p>\n
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.\u00a0<\/p>\n
\u201cWe didn\u2019t take it out to many, but those we did reach out to didn\u2019t really understand the opportunity here,\u201d he said. \u201cBellrock, because they\u2019re local, really understood it.\u201d\u00a0<\/p>\n
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.\u00a0<\/p>\n
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<\/a> to the first Fort Worth Community Land Trust<\/a> 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.\u00a0<\/p>\n The sale of Student Village represents a key component of the school\u2019s broader financial turnaround since 2022, David S. Dockery, president of Southwestern Seminary, said in a news release.\u00a0<\/p>\n 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.<\/a> Several leadership changes ensued and Dockery was brought on board charged with righting the school\u2019s finances.\u00a0<\/p>\n 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.<\/p>\n \u201cWe are working with an architect to design a clubhouse and pool and fitness center,\u201d Wonderly said. \u201cWe 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.\u201d<\/p>\n Bob Francis is business editor at the Fort Worth Report. Contact him at bob.francis@fortworthreport.org.<\/p>\n