Fort Worth Housing Solutions is moving forward with the purchase of the Ramble & Rose apartment complex at 501 W. Rosedale St. in Near Southside.
The agency’s board on Nov. 20 approved a staff recommendation to purchase Ramble & Rose for up to $69 million through the issuance of bonds.
Housing Solutions is part of the FW Ramble SLP LLC that owns the property. This transaction will allow Housing Solutions to own the property outright, Camille Rasor, agency spokesperson, said.
“This acquisition is part of our strategic plan to increase our affordable housing portfolio across the city,” Rasor said. “By acquiring this property, we will have complete control and cash flow to fund agency operations and additional resident services.”
Board member Richard Stinson moved and member Brittany Hall seconded approval of the staff recommendation to authorize Housing Solutions to buy Ramble & Rose. The motion passed unanimously.
Next, Stinson moved and Hall seconded a motion authorizing the issuance, sale and delivery by FW Ramble PFC of its residential development revenue bonds, series 2025. The board also approved this motion unanimously.
Rasor said the anticipated selling price is $64 million. “The $69 million amount includes a bit of contingency in the event of changes in the bond market before the sale is finalized,” she said.
Fort Worth Housing Solutions
Documenter name: Ken Garlington
Date: Nov. 20
See more about this meeting at documenters.org.
Among other items at the board’s meeting, the Housing Solutions staff told the board there was no delay in federal Housing and Urban Development funding due to the federal government shutdown.
Ken Garlington is a member of the Fort Worth Report’s Documenters crew. Scott Nishimura, senior editor for the Fort Worth Report, contributed reporting.
If you’d like to read a full account of this meeting, please see the Documenter’s notes at documenters.org.
If you believe anything in these notes is inaccurate, please email us at news@fortworthreport.org with “Correction Request” in the subject line.
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