American Landmark Acquires Forth Worth Community
- Nov 03, 2020
American Landmark Apartments has purchased a 300-unit apartment community in Fort Worth, Texas, from real estate development firm Talos Holdings for an undisclosed amount. With the acquisition, the multifamily owner and operator now has a portfolio of 18 apartment communities in the Dallas-Fort Worth metro area.
READ ALSO: Mill Creek Breaks Ground on DFW Apartments
The community, dubbed The View of Forth Worth, is located just north of downtown and will be rebranded by American Landmark as The Shelby at Northside. The property was completed in 2019 and was financed through a $47.9 million construction loan from ACORE Capital Bank, according to Yardi Matrix data.
The property features a mix of studio, one-, and two-bedroom apartments ranging in size from 594 to 1,169 square feet. Unit interiors feature stainless steel appliances, tile backsplashes and quartz countertops, hardwood style flooring, walk-in closets, energy-efficient thermostats, in-unit washers and dryers and private patios or balconies.
Common amenities at the property include a swimming pool, sundeck and outdoor firepit, clubhouse, business lounge, fitness center, dog park and two courtyards. American Landmark plans to add luxury lighting fixtures and smart locks in apartments, as well as upgrades to the pool deck area, fitness center and landscaping, the firm said in its announcement of the acquisition.
The Shelby at Northside is situated close to Interstate 35 and less than 5 miles north of downtown Forth Worth and the Fort Worth Stockyards historic district.
American Landmark CIO Christine DeFilippis said in prepared remarks that the property is in a sought-after submarket and Sunbelt markets like Dallas-Forth Worth have outperformed other markets around the country over the past year.
In September, American Landmark broke ground on a 365-unit luxury community in Orlando with joint venture partner Dezer Development. That project is scheduled to be completed in April 2022 and will be American Landmark’s first-ever ground-up, new development apartment community.