FORT WORTH, Texas, Oct. 4, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale and financing of RiverVue Apartments, a 375-unit multifamily asset in Fort Worth, Texas.
“The Fort Worth market continues to be a hotbed of activity for institutional-quality asset trades, and the IPA Texas team is a leading force in this market, finding a private buyer to add this fine asset to its portfolio,” says Will Balthrope, IPA executive director. Balthrope, Drew Kile, IPA senior director, and Joey Tumminello, IPA director, represented the buyer, St. Regis Properties. Jake Roberts, senior managing director capital markets with IPA Capital Markets, arranged 10-year fixed-rate life company acquisition financing.
“This is a very special property in one of the best locations in all of Dallas/Fort Worth,” adds Kile. “The consistent outperformance of the Fort Worth market compared to other markets around the state made this a great opportunity for St. Regis to enter the Texas market.”
Constructed in 2017 on over five acres, RiverVue Apartments is located on the Trinity River in Waterside, a 63-acre mixed-use development anchored by Whole Foods and REI. Nearby Chisholm Trail Parkway provides quick access to Texas Christian University, University Village, Downtown Fort Worth, the Museum District, West 7th, and Magnolia Street.
“The buyer will benefit from walkability to Fort Worth’s first Whole Foods, as well as recently delivered restaurants and retail that enhance the entire southwest Fort Worth submarket,” says Tumminello. “This provides long-term stability for new ownership in an area that will continue to thrive for years to come.”