Fort Worth Workforce Development Gets $37M For Construction
The project will target renters priced out of existing stock in the area.
VIC Partners LLC has obtained a $36.5 million senior facility for the ground-up construction of Vic Centre, a 268-unit workforce-housing development in Fort Worth, Texas.
OakNorth’s provided the senior facility loan, part of a $48 million co-financing with Hickory CRE Capital. New York-based Hickory specializes in customized debt and structured capital for middle-market sponsors and value-add development projects.
Located at 7120 Anderson Blvd., Vic Centre will span nine three-story residential buildings. Common-area amenities will include a clubhouse, a fitness center, a pickleball court, a business center and 402 parking spaces. The development is positioned to serve the East Fort Worth workforce housing market, with direct access to Interstate 30 and Interstate 820.
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Job growth and population inflows into Fort Worth have outpaced the delivery of attainably priced rental product, OakNorth Debt Finance Director Dylan Jagjivan said in a statement. Vic Centre isn’t a speculative luxury play, but rather targets renters already in the market who are underserved by existing stock.
Demand returns to multifamily, workforce still in short supply
Demand outpaced completions in the U.S. multifamily market for the first time in more than four years in the second quarter of 2026, with about 39,000 units absorbed against more than 34,000 delivered. At the peak of the construction cycle in late 2024, completions reached more than 112,000 units. Effective rents posted a second consecutive gain, up 0.8 percent in the above period.
Development has been skewed toward the upper end of the multifamily market in most places, but some workforce housing is underway.
PTM Partners and Peacock Capital recently launched Inception Housing, a workforce housing platform with a pipeline of nearly 1,600 units and a capitalization of more than $300 million. The new company will concentrate on development in Southeast markets with a shortage of attainable housing options.
In July, Trevato Development Group started construction on a $120 million mixed-income rental project in Jacksonville Beach, Fla., the first community of its kind in Northeast Florida in decades. The multifamily development will include 415 market-rate and workforce housing units.
