IPA Arranges 247-Unit Community Sale in Fort Worth
The brokerage company represented the seller in the disposition of Creek on Calloway in Richland Hills. The asset received significant interior and exterior improvements since 2013.
A&R Multifamily has acquired the 247-unit Creek on Calloway in Richland Hills, Texas, from a private investment company. Senior Vice President Bard Hoover and Senior Managing Director Nick Fluellen of Marcus & Millichap Investments, along with IPA Executive Managing Director Will Balthrope, Senior Managing Director Drew Kile, Director Joey Tumminello and Associate Giuseppe Thum, worked on behalf of the seller.
Located at 3830 Booth Calloway Road, the community was completed in 1979 on a 14.5-acre site. Creek on Calloway comprises studios and one- to three-bedroom apartments with common-area amenities that include two pools, a kids’ play area and a fitness center. According to Balthrope, the property received significant interior and exterior improvements since 2013.
As of June, the property was nearing full occupancy, Yardi Matrix data shows. Creek on Calloway is roughly a mile from Interstate 820 and some 4 miles from one of the top employers in metro Dallas, Bell Helicopter Textron. Downtown Fort Worth and Dallas/Fort Worth International Airport are also in the proximity.
Earlier this year, Balthrope and Kile were part of the brokerage team that arranged a 1,152-unit portfolio sale in Texas. The four Class A communities were fully stabilized at the time of sale.
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