The Wellington Place apartment renovation will begin immediately, investors say.

The Wellington Place Apartments on Forest Lane, right across the street from the Woodbridge neighborhood in north Lake Highlands, will get a $3.5 million makeover, according to the Morning News’ real estate editor Steve Brown:

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A new investment joint venture plans to begin immediate remodeling of the apartments, built in 1983, according to Metropolitan Capital senior director Brandon Miller.

Dallas-based KV10 Wellington LLC, an affiliate of Knighvest Holdings, bought the property in mid-August from LNR Partners of Florida, deed records show.

The new owners received a $1.2 million equity investment from a private Fort Worth firm and $2.3 million in financing from Southwest Bank to arrange the purchase and fix ups.

Because I live in Woodbridge, I often drive or run past the 164-unit Wellington and, yup, the complex, built in 1983, could use some help.

Physical improvement and code compliance is a start when it comes to reforming the ample low-rent apartments in this neighborhood; Forest-Audelia is a crime hotspot and the problems stem from the vast density of apartment homes.

There are programs at nearby apartments such as Trinity Palms and The Madeline that address other problematic issues.