Institutional Property Advisors, a division of Marcus & Millichap (NYSE: MMI), has announced the sale of 250 Lancaster, a 130-unit apartment complex with ground-floor retail in Downtown Fort Worth. The Class A complex was completed in 2017.
“Downtown Fort Worth’s newest multifamily community, 250 Lancaster, provides convenient access to the Downtown, near Southside and Medical Center employment districts,” said Will Balthrope, IPA executive director. “The property’s retail space will generate income beyond the apartment’s revenue.”
Balthrope, Drew Kile, IPA senior director, and Joey Tumminello, IPA director, exclusively represented the seller, the City of Fort Worth. Balthrope, Kile, and Tumminello procured the buyer, Beachwold Residential.
“The Fort Worth market continues to outperform the broader market, and the Downtown/Lancaster Corridor is an exciting place with limited direct competition and a great future growth story,” said Kile. “These factors created a strong bidder pool that became very competitive at the end.”