Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the sale of Summit at Landry Way, a 224-unit multifamily asset in Fort Worth.
“The property gives the buyer, Jay Duarah of Aspen Capital Group Inc., a significant value-add opportunity through continued and additional upgrades supported by exceptional submarket fundamentals,” said Drew Kile, IPA senior managing director. “In Q2 2021, assets of a similar vintage in the East Fort Worth submarket averaged 93% occupancy and 4.6% rent growth.” Kile, IPA’s Joey Tumminello, Will Balthrope and Asher Hall, in collaboration with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover, represented the seller, One Real Estate Investment, and procured the buyer, Aspen Capital Group Inc.
Built in 1978 on 12 acres, the property is just off Interstate 30, near Downtown Fort Worth, Arlington, Grand Prairie, and Hurst-Euless-Bedford.
The two-story, 27-building, garden-style community has an outdoor grilling area with pergola, a picnic area, a resort-style pool, and a secluded wooded area with waterfall pond. The average unit size is 794 square feet.
“Fort Worth is the fastest-growing city in the country with a population greater than 500,000,” said Balthrope. “IPA covers the Metroplex and every other major market in Texas with one team of multifamily investment professionals and this was a key element in the success of this transaction.”
Atlanta-based Preferred Apartment Communities Inc. (NYSE: APTS) has completed the acquisition of Alleia at Presidio, a 231-Unit Class A multifamily community in Fort Worth.
Jeff Sherman, the company’s President of Multifamily said, “Alleia marks our re-entry into the Dallas-Fort Worth metroplex, which continues to lead the nation in total population growth.” Sherman added, “This property checks so many boxes for us; it is surrounded by affluent demographics, is located in a top-rated school district, is less than 5 miles from two hospital systems and is walkable to Presidio Towne Crossing, a destination retail center including a Costco, Target and numerous restaurants and services.”
Alleia at Persidio is located at 2028 Presidio Vista Dr. in north Fort Worth.
John A. Isakson, Chief Financial Officer commented, “Alleia represents another accretive acquisition for our multifamily portfolio from a high-quality developer we have done multiple transactions with previously. We are excited to continue to grow our multifamily portfolio and the Dallas/Ft. Worth market is one of our strategic focuses as it continues to be an attractive market with excellent demographic, economic and rent growth trends. The ongoing growth in our multifamily portfolio further extends the strategic rotation of capital we have been focusing on for the last 12 months.”