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. 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,” said Hill.
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.