Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced Oct. 25 the sale of Broadstone Southside, a 179-unit apartment property in the South Main Urban Village neighborhood in Fort Worth.
“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.
A joint venture of CP Capital, a highly disciplined U.S. real estate manager specializing in multifamily investments, and Alliance Residential, a global leader in the investment, development, and management of high-quality rental housing properties, owners of the property, also announced sale. The purchase price and buyer were not announced.
“We’re thrilled to complete the sale of this project, having achieved our goals of bringing high-quality apartment homes to this area of Fort Worth and generate significant returns for our investors in the process,” said Paul Doocy, Co-Head of CP Capital. “Alongside our partners at Alliance, we recognized this market’s significant potential, and the success of this project has been a testament to that shared vision. We look forward to continuing our partnership in the future and to delivering multifamily developments that can fuel the growth of cities across the country.”
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.