37th Parallel Properties has acquired The Heights of Cityview, a 344-unit community in Fort Worth, Texas. The company financed the purchase with a seven-year, Freddie Mac loan, according to Yardi Matrix information. The same data provider shows CAF Capital Partners sold the Class A asset after less than three years of ownership. Institutional Property Advisors brokered the transaction on behalf of both parties.
Located at 5270 Bryant Irvin Road, the community is within 2 miles of the Remington Park shopping center and Hullen Mall, as well as other various dining and entertainment options. The property is within 1 mile of Chisholm Trail Parkway, connecting it to Near Southside Medical District and downtown Fort Worth, major employment hubs that provide 120,000 jobs.
Completed in 1998, the property spans across 21.3 acres and comprises one-, two- and three-bedroom apartments ranging from 668 to 1,392 square feet. Community amenities include a fitness center, a business center, a clubhouse, two swimming pools and a 2-acre pet park.
The previous owner upgraded most unit interiors, giving the buyer ample opportunity to further enhance the property, Taylor Hill, senior vice president of investments with IPA, mentioned in a prepared statement. Hill worked together with Drew Kile, Joey Tumminello, Michael Ware, Asher Hall and Will Balthrope in assisting the seller and procuring the buyer.
Currently, 37 Parallel’s national portfolio totals more than 2,800 units. In July, the company partnered with Apta Properties in the purchase of Parkside Vista, a 240-unit community in Atlanta’s Doraville suburb.