Multifamily Value-Add Asset in Fort Worth Sold by IPA
FORT WORTH, Texas, Jan. 25, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Ranch at Fossil Creek, a 274-unit multifamily property in Fort Worth, Texas.
“Built in 2002, The Ranch at Fossil Creek is a low-density asset that benefits from a strategic location in an area with a scarcity of new multifamily product,” says Will Balthrope, executive director. “The acquisition provides new ownership with an opportunity to add value by upgrading the interiors.”
Balthrope, Drew Kile, senior director, and Joey Tumminello, associate, represented the seller, Beachwold Residential, and procured the buyer, CAF Capital Partners.
“Ranch at Fossil Creek’s proximity to major transportation arteries and employment centers will allow the buyer to capitalize on one of the nation’s premier job growth markets,” adds Kile.
The property is located approximately one mile from the Interstate 820/Interstate 35W interchange, one of Tarrant County’s busiest intersections.
“The community’s prime location will get a further boost this year with the completion of the Interstate 35W highway construction,” notes Tumminello.
The Alliance Texas corridor, which has more than 50 employers and over 30,000 employees, is four miles from the community. Railhead Industrial Park, home to nearly 11 million square feet of industrial, office and warehouse space, is within five miles. The 1,300-acre, master-planned Mercantile Center business park is also nearby.