September 21, 2009
By SANDRA BAKER

sabaker@star-telegram.com

The historic Electric Building in downtown Fort Worth has been sold by a partnership including investor Robert Bass to Atlas Properties, a Fort Worth real estate company launched by a Texas Christian University student five years ago.

Bass bought the building in 1984, and 10 years later took on Madison, Wis.-based Alexander Co. as a partner to redevelop the 18-story building into 106 apartments. The building, at 410 W. Seventh St., has retail space on the ground floor.

Atlas Properties bought the building under the entity Historic Electric Llc. and has other local investors involved in the deal, said Adam Blake, Atlas’ CEO.

Blake declined to disclose a sales price but said the deal took about two years to negotiate. He said he lived in the building for a couple of months in mid-2007 and made an unsolicited bid for the property shortly after moving out.

"I saw an opportunity for the building," Blake said. "Structurally, it’s a great building."

Blake, 24, founded Atlas in 2004, three years before graduating from TCU. The company, which manages, owns, syndicates and develops residential, commercial, and oil and gas properties, was recently ranked No. 123 on Inc. magazine’s 2009 listing of the 500 fastest-growing private U.S. companies.

Atlas will manage the Electric Building. It will also spend about $1 million to upgrade the heating and cooling systems, increase energy efficiency, and make cosmetic improvements such as new flooring and paint.

Over the years the building has been steadily leased at about 90 percent but is currently 87 percent leased, Blake said.

About half of the units are leased as low- and moderate-income housing because the project received $3.26 million in federal tax credits. That will continue under the new ownership. Nearly $10 million was spent in the redevelopment a decade ago.

The art deco former office building was constructed in 1929. The Hollywood Theater was in an adjacent building and is now used for resident parking.