Institutional Property Advisors Negotiates Metroplex Multifamily Asset Sale
FORT WORTH, Texas, March 2, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Union at River East, a multifamily asset with 181 apartments and nine live-work units with ground-floor retail in the River East neighborhood of Fort Worth, Texas.
“The Union at River East is a high-quality asset in a walkable, urban community with amenities that align perfectly with today’s live-work environment and lifestyle,” said Drew Kile, IPA senior managing director. Kile, IPA’s Joey Tumminello, Will Balthrope and Grant Raymond represented the seller, Criterion Development Partners, and procured the buyer, MBP Capital. “River East’s recent improvements, which are part of Fort Worth’s Urban Village program, include new restaurants and music venues that will make this new area of town desirable for years to come,” added Tumminello.
Residents are minutes from major employers in Downtown Fort Worth, the Fort Worth Cultural District, Sundance Square, and the Near Southside Medical District, which together encompass more than 121,000 high-income jobs. Nearby Interstate 35, Interstate 30, and Highway 287 provide mobility throughout Fort Worth. Texas Christian University is five miles from the property and shopping and entertainment are nearby at Sundance Square and the West 7th and Museum Place mixed-use developments. Riverside Park, a 30-acre public park, is within walking distance and the 17.5-mile Trinity River Trail system is a short distance away.
Built in 2019 on three acres, the four-story mid-rise asset’s many community amenities include a resort-style, infinity-edged pool with tanning shelf, a large co-working area with private offices and a package concierge system. Apartments have nine-to-10-foot ceilings, keyless unit entry systems and full-size washers and dryers. The average unit size is 883 square feet.
“Our ability to serve investors throughout Texas with a single team of investment property advisors was a key component in the success of this closing,” said Balthrope.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.