An affiliate of Lightbulb Capital Group has acquired The Cooper, a 390-unit community in Fort Worth, Texas. Regional Management provided a $69.4 million bridge loan for the acquisition, Yardi Matrix data shows. Institutional Property Advisors represented the seller, Lang Partners, and procured the buyer.
Completed in 2021, the community comprises two five-story buildings with studio, one-, two- and three-bedroom floorplans, ranging from 540 to 1,810 square feet, equipped with keyless entry systems and private patios or balconies. Property amenities include a coworking lounge, swimming pool, courtyard, fireplace and fitness center. The Cooper has achieved full lease-up within a year, according to IPA.
Located at 1001 W. Rosedale Street, the community is less than half a mile from numerous dining options alongside West Magnolia Avenue and within a mile of Newby Park. The Near Southside Medical District, one of the major employment hubs, is less than a mile from The Cooper. Downtown Fort Worth, offering various employment and entertainment options, is within 2 miles of the property.
Thanks to its proximity to various amenities and employment hubs, Fort Worth’s Southside district continues to be a favored area for multifamily assets as investors expand their footprint throughout the metro, Joey Tumminello, senior vice president of IPA, said in a prepared statement. Just last week, IPA brokered the sale of The Heights of Cityview, another 344-unit community in Fort Worth, Texas, acquired by 37th Parallel Properties.