Institutional Property Advisors Completes Two-Property Fort Worth Multifamily Sale
FORT WORTH, Texas, Aug. 11, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Alta LeftBank, a two-property multifamily asset totaling 589 units in the West 7th Street District of Fort Worth, Texas. The properties are The Lofts at Alta LeftBank, a 260-unit complex and 329-unit The Flats at Alta LeftBank.
“The assets are distinguished by their walkability to first-rate retail, dining, grocers, and entertainment options within Fort Worth’s popular Left Bank development and the Fort Worth Cultural Arts District,” said Drew Kile, IPA senior managing director. Kile, IPA’s Joey Tumminello, Will Balthrope, Michael Ware, and Taylor Hill represented the seller, Wood Partners with Goldman Sachs Asset Management, and procured the buyer, Madera Residential. “Previously operated separately, the properties can be run as one to increase operational efficiencies and take advantage of economies of scale,” added Hill.
Residents of the Alta LeftBank properties are a quarter mile from Downtown Fort Worth and close to Montgomery Plaza, Crocket Row, and the Near Southside Medical District, which employs 40,000 medical professionals. Other nearby employment centers include the University of North Texas Health Science Center, Lockheed Martin’s Air Force Plant 4 aerospace facility, Naval Air Station Joint Reserve Base Fort Worth and AllianceTexas. Retailers and restaurants in the Tom Thumb-anchored LeftBank development are in the immediate vicinity, along with nearby trails and parks lining the Clear Fork Trinity Park.
Both assets were constructed on 44 acres in 2018. Community amenities include social lounges, a demonstration kitchen, resort-style climate-controlled hallways, 24-hour fitness centers and swimming pools. Apartments have full-size washers and dryers and select units have 12-foot ceilings, Bluetooth sound systems, direct-access garages, and hardwood floors.
IPA in Texas handles sales for the entire state with one team of dedicated multifamily property investment specialists, who sourced the most qualified buyer and obtained the best price for our seller,” added Balthrope.
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