Institutional Property Advisors Negotiates Fort Worth Multifamily Asset Sale
“Built in 1998, previous ownership renovated most units and the upgraded units have been well received,” said Taylor Hill, IPA senior vice president investments. “The buyer has a great opportunity to expand the unit enhancement program and implement additional income strategies to further increase revenue.” Hill and IPA’s Drew Kile, Joey Tumminello, Michael Ware, Asher Hall and Will Balthrope represented the seller and procured the buyer. “The marketing of Heights of Cityview drew a great deal of interest from well-known institutional investors and major private groups,” added Ware. “The activity showcased the strength of Dallas-Fort Worth’s multifamily fundamentals.”
The Heights of Cityview is in Southwest Fort Worth , near the intersection of Chisolm Trail Parkway and Interstate 20, providing residents quick access to employment and entertainment hubs. Waterside, a $185 million, mixed-use development alongside the Trinity River is two miles away and The Shops at Clearfork, which has 2 million square feet of office and 1.2 million square feet of retail space, is 10 minutes away. Employers in the Near Southside Medical District and Downtown Fort Worth provide 120,000 jobs within a 10-mile radius.
Situated on 22-plus acres, the property has 115 direct-access garages and 87 carports. Community amenities include two resort-style pools, a three-lane lap pool and a two-acre pet park. The average unit size 984 square feet.
“IPA in Texas provides investors with a large inventory of high-quality multifamily investment opportunities in every market, offering local market research and sales expertise in Dallas-Fort Worth, Houston, Austin and San Antonio,” 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.