Institutional Property Advisors Negotiates Fort Worth Multifamily Asset Sale
FORT WORTH, Texas, Oct. 25, 2021 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Broadstone Southside, a 179-unit apartment property in the South Main Urban Village neighborhood of Fort Worth, Texas.
“Broadstone Southside is located at the gateway of Near Southside, a 1,400-acre district south of Downtown Fort Worth that has experienced an unprecedented renaissance,” said Michael Ware, IPA senior vice president. “The district is an excellent example of smart urban development and is currently undergoing numerous restorations and new projects that will continue to transform the area and attract even more residents.” Ware, IPA’s Drew Kile, Taylor Hill, Joey Tumminello, Will Balthrope and Jeffrey Kindorf represented the seller, Alliance Residential, and procured the buyer, Railfield. “Broadstone Southside’s pedestrian-oriented location close to thousands of jobs and its proven ability to achieve positive effective rent growth through lease-up contribute greatly to its strong investment appeal,” added Kile.
The property’s location within the South Main Urban Village gives residents immediate access to Downtown Fort Worth, the Fort Worth Medical District, and the Trinity Railway Express’s T&P Station. Entertainment and dining options, including fine dining, cafés, coffee houses, bars, breweries, and distilleries are within walking distance. The Fort Worth Bike Sharing Station, located a minute’s walk from the property, provides bikes to access Sundance Square, the Fort Worth Cultural District, Magnolia Urban Village, and University Park Village within a 15-minute ride.
Built in 2021, Broadstone Southside’s community amenities include a parking garage, a resort-inspired swimming pool with wet deck and cabanas, and a covered outdoor dining and entertainment area. Apartments have nine-to 13-foot ceilings, oversized windows, recessed lighting and oversized soaking tubs. The average unit size is 802 square feet.
“IPA’s coverage of all major metros in Texas is achieved by one team of dedicated multifamily property investment specialists, and this gives us the ability to find the most qualified buyer and maximize value for our seller,” Balthrope added.
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