FORT WORTH, Texas, Sept. 17, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of 250 Lancaster, a 130-unit apartment complex with ground-floor retail in Downtown Fort Worth. The Class A complex was completed in 2017.
“Downtown Fort Worth’s newest multifamily community, 250 Lancaster, provides convenient access to the Downtown, near Southside and Medical Center employment districts,” says Will Balthrope, IPA executive director. “The property’s retail space will generate income beyond the apartment’s revenue.”
Balthrope, Drew Kile, IPA senior director, and Joey Tumminello, IPA director, exclusively represented the seller, The City of Fort Worth. Balthrope, Kile, and Tumminello procured the buyer, Beachwold Residential.
“The Fort Worth market continues to outperform the broader market, and the Downtown/Lancaster Corridor is an exciting place with limited direct competition and a great future growth story,” says Kile. “These factors created a strong bidder pool that became very competitive at the end.”
The asset is located near Fort Worth Water Gardens, Fort Worth Convention Center, Hyde Park, General Worth Square, T&P Station, and Sundance Square. The West 7th Entertainment District, Fort Worth Cultural District, University Park Village, and Fort Worth’s newest development, The Shops at Clearfork, are within a short drive. The 250 Lancaster ground-floor retail space is triple-net leased to a hair salon, a dentist’s office, and a coffee shop.
“250 Lancaster offers a boutique feel that has yet to be replicated in the center of downtown Fort Worth,” adds Tumminello. “The property’s superior location provides access to over 100,000 jobs in the medical district and downtown.”