Harbor Group International has sold the 360-unit Coventry at City View in Fort Worth, Texas, to WAK Management Co. Yardi Matrix information shows the new owner financed the acquisition through a $38.8 million, 10-year Freddie Mac loan. This July, the seller relaunched the 275-unit Manor House in Dallas.
Located at 5200 Bryant Irvin Road, the property is 4 miles from The ClearFork development, a 2 million square feet of office space and 1.2 million square feet of retail mixed-use project. Additionally, Coventry at City View is roughly 15 miles from downtown Fort Worth, which includes more than 10 million square feet of office and 121,000 high-income jobs in areas such as the Fort Worth Cultural District, Sundance Square and the Near Southside Medical District.
The asset comprises 12 three-story buildings completed in 1996 on a 20-acre site. Featuring a mix of one-, two- and three-bedroom apartments and common-area amenities that include two pools, a fitness center, a bark park and a playground, the community was 97.8 percent occupied as of August, according to Yardi Matrix data. Executive Managing Director Will Balthrope, Senior Managing Director Drew Kile, Director Joey Tumminello and Associate Grant Raymond from Marcus & Millichap’s Institutional Property Advisors worked on behalf of the seller and procured the buyer.